WO2001097106A2 - Systeme et procede de vente aux encheres - Google Patents

Systeme et procede de vente aux encheres Download PDF

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Publication number
WO2001097106A2
WO2001097106A2 PCT/GB2001/002582 GB0102582W WO0197106A2 WO 2001097106 A2 WO2001097106 A2 WO 2001097106A2 GB 0102582 W GB0102582 W GB 0102582W WO 0197106 A2 WO0197106 A2 WO 0197106A2
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WO
WIPO (PCT)
Prior art keywords
auction
bid
lot
price
parameters
Prior art date
Application number
PCT/GB2001/002582
Other languages
English (en)
Inventor
Nicholas James Hedges
Original Assignee
Eteatrade. Ltd.
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Application filed by Eteatrade. Ltd. filed Critical Eteatrade. Ltd.
Priority to AU64087/01A priority Critical patent/AU6408701A/en
Publication of WO2001097106A2 publication Critical patent/WO2001097106A2/fr

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Classifications

    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q30/00—Commerce
    • G06Q30/06—Buying, selling or leasing transactions
    • G06Q30/08—Auctions

Definitions

  • the present invention generally relates to an auction system and process.
  • an auction should be structured so that the price paid by the winning bidder is as independent as possible of that bidder's own bids. This provides each participant with full incentive to truthfully bid his value for the objects in the auction, without any shading of bids.
  • an auction should be structured so as to maximise the information that is available to each bidder at the time that the bids are placed. This is believed to cause bidders to bid aggressively, since bidders recognise the common- value component reflected in their competitor's bids.
  • an auction should be structured so as to avoid as much as possible, the need for the highest bidder to reveal his true value. This prevents the seller, and other buyers from using this information against him, thus giving high bidders the confidence to bid up to their true values.
  • an auction is held when the auction host does not have the precise knowledge of the market value for their goods. On this basis an auction should not require the host to indicate an expected price range for their goods.
  • An auction mechanism should avoid a surge of bids which will occur close to the known closing time of the auction. This surge can have a significant impact on central server processing. Also, the time at which bids are placed should be as non-critical to the bidder as possible. The reason for this is that there is a time lag associated with electronic communications. In a dynamic bidding process, where success is determined by the first participant to place the most competitive offer, a bidder should not be penalised for the late entry of a bid due solely to electronic time lag.
  • the English auction format also known more descriptively as the standard open ascending-bid method, is a mechanism by which each bidder is allowed to place a bid greater than the previous bid on any object, and is aware of all prior bids.
  • Well known examples of the use of this method are the open-outcry auctions held by Christie's and Sotheby's of London.
  • the disadvantages of this format are that the price paid by a bidder for the object that he wins depends on the bidder's own bids. Consider any bidder who demands a considerable proportion of the object being auctioned, the bidder has an incentive to engage in "demand reduction" and to "shade" his bids to what the objects are worth to him.
  • an auction host is generally required to set a start price for their goods thus giving away an indication of the price that they are expecting. This is contrary to the reason for the auction which is to establish a price where the market value for goods is unknown.
  • an English auction with a predetermined end time will encourage a high number of bids at the closing minutes of the auction. As already discussed, this will have a negative impact on server performance and will not guarantee fair allocation due to unequal time lapse amongst the participants.
  • an English auction does not have a predetermined close time it is possible to use an interval of inactivity as the reason for closure as the familiar open-outcry auctions referred to earlier.
  • the disadvantage of this system is that there is no way of determining the time which the auction will close. This makes time-management difficult for participants, especially when an auction event includes multiple consecutive lots.
  • the Dutch auction format is a mechanism by which an auction host sets an unrealistically high start price for their goods. This price is then automatically reduced by regular price decrements until one of the bidders accepts the current price.
  • the auction is most widely associated with the fresh flower auctions held in the Netherlands.
  • the benefit of the Dutch format to the English format is that the auction has a maximum duration i.e., the point at which the price on offer is the lowest the auction host is willing to sell at (the reserved price).
  • the bidder can easily calculate at what point in time the reserved price will be arrived at.
  • a bidder will further be able to anticipate the time at which each lot will arrive at their bidding range, making management of a large number of lots easier.
  • the auction is further curtailed when a bidder bids for the lot, since each bid represents a purchase and unless the auction allows the division of individual lots the auction will conclude on this basis.
  • the auction host sets a start price that is unrealistically high, they do not suffer from giving an indication of their anticipated value for the goods.
  • the server processing requirements are greatly reduced and electronic time lag becomes a less critical factor.
  • the major disadvantage of this format of auction are that the structure is not designed to maximise the information available to the bidder at the time at which their bid is placed to an extent that the winning bid is entirely based on the bidders own position independent of the market value of the goods. Also, the bidder is required to disclose their real value for the goods which can then be used against the bidder by both host and other bidders at a later date.
  • the present invention provides an auction process and system in which at the start of an auction a starting auction price is used as a current auction price and this is gradually decremented as the auction proceeds.
  • a starting auction price is used as a current auction price and this is gradually decremented as the auction proceeds.
  • This price is gradually reduced throughout the period of the auction.
  • the auction thus concludes when an auction participant places a bid which is equal to the current auction price. This bid may have been placed earlier and the current auction price has been decremented to match this bid. Alternatively, the auction participant can submit a bid equal to the current auction price.
  • the advantage of the present invention is that, as with the Dutch auction, there is a fixed time period for the auction. This allows for efficient auction management. Also, the process allows the auction participants to place speculative bids below the current auction price which are visible to other auction participants in a similar manner to the English auction. Thus this provides all the benefits of the English auction but the provision of the decrementing current auction price ensures that the time at which the auction will close for a lot becomes apparent to the auction participants as the bids and the current auction price converge. This provides a benefit to the auction participants in that information is made available to provide an enhanced interface to an electronic auction and thus provide an enhanced auction experience. With regard to the central processing carried out, the benefit is that there is a known maximum time at which the auction for a lot will have completed.
  • a surging of bids near a fixed time of the auction is avoided. Closing time for an auction of a bid is entirely dependent upon auction participant bidding behaviour and thus for a lot, the bids can be more widely distributed in time thereby reducing the load on a central processing system at any one time.
  • the auction system and process provides for the auctioning of multiple lots simultaneously.
  • the system can receive bids for different lots and maintain information on the highest bidder for each lot separately.
  • a single current auction price is used during the auction.
  • the bids for the lots during an auction will thus be distributed providing for an efficient usage of an electronic auction processing system.
  • a reserve price is stored as a parameter for an auction for each lot. This represents the minimum price the seller is prepared to accept.
  • the auction will finish since no bid above the reserve price has been received.
  • the reserved price can be made public to the auction participants to give an indication of the minimum acceptable price. However, if the seller wishes to keep this secret, this information need not be made available to the auction participants. The auction participants will simply see that the auction has concluded. They need not be informed as to whether this was due to a bid matching the current auction price or due to other reasons. It is simply sufficient for the auction participants to know that the lot is no longer for sale: the auction for the lot has concluded. Of course, the auction for other concurrently auctioned lots can continue.
  • bids can be submitted which are below the current auction price. If a bid is entered which matches or exceeds the current auction price, then the auction concludes and the bidder has successfully purchased the lot. At any time during the auction for a lot, in an embodiment of the present invention, the auction participant can enter a request to buy the lot at the current auction price rather than entering a bid below the current auction price. This secures purchase of the lot.
  • an auction participant using terminal apparatus will need to receive the updated auction parameters. In one embodiment this can be achieved manually by the auction participant requesting the updated parameters from a central auction processing system.
  • the terminal apparatus automatically and periodically updates the auction parameters which are output to the auction participant. This automated embodiment ensures that the auction participant is kept abreast of the developments in the bidding during the auction. Another method for ensuring the auction participant receives updated auction parameters is for the central auction processing system to automatically transmit the updated parameters to the terminal apparatus used by the auction participant.
  • multiple successive auctions can be provided for by allocating each lot to an auction which is identified by a start time, a starting auction price and an auction price decrement parameter identifying the rate of decrease of the current auction price for that auction. If a seller wishes to enter a lot into the auction processing system for auctioning, the seller enters auction parameters for a lot which can include a description and a reserve price. The lot is then allocated to an auction and is therefore associated with an auction start time, a starting auction price and auction price decrement parameter. In a specific embodiment, a user can also enter a nominal value for a lot to use as a guidance to what he considers the lot may be worth.
  • an auction participant can access the auction processor in order to determine the future lots to be auctioned. A selection can thus be made of the lots for which the auction participant wishes to bid. If the selected lots are not in a current auction, the auction participant can request to be notified when the auction for the lot is due to start.
  • the identities of the bidders can be sent with the bid data to the central auction processor and stored in the auction parameters.
  • the identity for the highest bidders for lots can be made available to the auction participants.
  • the auction participant can be requested to confirm their bid. This confirmation process can either take place locally at the terminal apparatus or at the central auction processor. The bid will only be accepted if the auction participant enters a confirmation that the bid is a desired bid.
  • the present invention is particularly suited to implementation over a communications network such as the Internet, Intranet or an Extranet.
  • the terminal apparatus comprises a general purpose computer implementing appropriate software and the central auction processor comprises a server computer implementing appropriate server programmes.
  • the present invention can be embodied as computer programme code.
  • the present invention thus encompasses computer programme code which can be implemented at the client computer or the server computer.
  • Computer programmes can be provided to the computers by any conventional carrier medium such as a storage medium, e.g. floppy disk, CD ROM, programmable memory device or a magnetic tape device or by a signal such as an electrical signal carrying the computer programme over a communications network such as the Internet.
  • Figure 1 is a schematic diagram of a generalised embodiment of the present invention
  • Figure 2 is a schematic diagram of a specific embodiment of the present invention.
  • Figure 3 is a flow diagram illustrating a steps of entering the auction parameters in a specific embodiment of the present invention
  • FIG. 4 is a flow diagram illustrating the auction process in the specific embodiment of the present invention.
  • Figure 5 is a flow diagram illustrating the visual output of the user interface
  • Figure 6 is a graph illustrating the progress of an auction in accordance with an embodiment of the present invention. A generalised embodiment of the present invention will now be described with reference to Figure 1.
  • Bidder terminals 100 are provided connected to a communications network 300.
  • the bidder terminals 100 are operable by auction participants who wish to enter bids for lots being auctioned.
  • a communications interface 400 is provided connected to the communications network 300 and connected to the communications interface 400 is an auction processor 500 and a configuration processor 600. Both the auction processor 500 and the configuration processor 600 have access to a data store 700.
  • a seller terminal 200 is also connected to the communications network 300.
  • a seller operating a seller terminal 200 wishes to sell goods, they use the seller terminal 200 to access the configuration processor 600 via the communications network 300 and the communications interface 400 and enter auction parameters.
  • the configuration processor 600 receives and configures the auction parameters and stores them in the data store 700. These parameters can include a description of the lot, a starting auction price and a price decrement rate. This information is then used by the auction processor 500 to transmit auction parameters to the bidder terminals 100 via the communications interface 400 and the communications network 300.
  • the auction processor 500 uses the starting auction price and the price decrement rate in order to calculate a current auction price which is transmitted to the bidder terminals 100.
  • the bidder terminals 100 what is the output to the auction participant is information identifying a lot, a current auction price at which the lot can be bought, and any current highest bids submitted by bidders.
  • Bidders can thus enter bids which are processed by the auction processor 500. If the entered bid is higher than the current highest bid, it is entered as the current highest bid in the data store 700. If the entered bid matches the current auction price, the auction for the lot is terminated.
  • the auction parameters within the data store 700 can be appropriately updated to indicate that the lot is no longer available for auction and this information can be conveyed to the bidder terminals 100.
  • the configuration processor 600 can be accessed from the bidder terminals 100 in order to receive information on the lots available for auction. The auction participant can then select the lots they wish to bid for. The configuration processor 600 will then pass this information to the auction processor 500 which will retrieve the auction parameters relevant to the auction participants selections from the data store 700 and send this information to the appropriate bidder terminal 100. Where the auction system operates successive auctions of multiple lots, and the selective lot is not being auctioned in a current auction, the user can request that the configuration processor 600 notify the bidder terminal 100 when the auction for the selected lot is due to start.
  • the communications interface 400, the auction processor 500, the configuration processor 600 and the data store 700 can be provided in a single processing system such as a general purpose computer.
  • This embodiment of the present invention is implemented over the Internet using the worldwide web.
  • Auction participants operate conventional general purpose computers 1, 2, and 3 which implement web browser software to provide a web interface.
  • the terminals 1, 2 and 3 are connected over the Internet 4 to a Java web server 5 at a central auction processing system.
  • the Java web server 5 generates web pages which are downloaded to the terminals 1, 2 and 3 for interpretation by the browsers implemented thereon.
  • the Java web server 5 can generate web pages using administration HTML and Java code stored in storage device 6 to provide an administration interface, or it can implement auction HTML and Java code stored in the storage device 7 to provide an interface to an auction.
  • an auction server 8 which interfaces with the Java web server 5 in order to implement the auction processing.
  • the auction server 8 has access to an auction database 10.
  • an administration server 9 is interfaced to the Java web server 5 to perform administration and configuration processes.
  • the administration server 9 also has access to the auction database 10 and to an administration database 11. Also the administration server 9 communicates with the auction server 8.
  • servers can comprise a computer programme application implemented on a dedicated machine, or they can comprise the computer programme application which is one of many implemented by a machine.
  • the Java web server, the auction server 8 and the administration server 9 can be implemented on a single computer (server) or separate computers (servers) with appropriate storage capacity for the auction database 10, the administration database 11, the auction HTML and Java storage 7 and the administration HTML and Java storage 6.
  • FIG 3 illustrates the process of entering auction parameters by a seller of goods who wishes to enter the goods as a lot in an auction.
  • the seller can use any one of the terminals 1, 2 and 3 and simply needs to use a web browser to access the Java web server 5 using the appropriate URL.
  • the auction web site entry page is requested by the seller and it is loaded on the seller's machine.
  • the seller's user name and password is then entered into the seller's machine in the appropriate boxes on the web page in step S2 and the user name and password are transmitted to the server 5 (step S3).
  • the Java web server 5 passes the user name and password to the administration server 9 for validation.
  • the administration server 9 accesses the administration database 11 to compare the entered user name and password with stored data.
  • step S4 If the entered user name and password are valid, this information is passed back to Java web server 5 which will then use the HTML and Java code stored in the storage device 6 to generate an auction parameter entry page which is transmitted to and loaded on the seller's machine (step S4).
  • a seller Using this interface a seller is able to enter auction parameters such as a description of the goods, and a reserve price. The user may also enter a nominal value which they consider the goods may be worth.
  • the auction parameters are then transmitted to the Java web server 5.
  • the Java web server 5 passes the parameters to the administration server 9 for entry into the auction database 10. The auction parameters for a lot can simply be entered into the next available auction.
  • the administration server 9 can determine the next appropriate auction in which the lot of that nominal value should be placed. This determination process takes into consideration the nominal value of other lots in the auction and ensures that multiple lots in an auction have distributed values to thereby ensure that the bidding will be distributed in time during the auction.
  • step S7 the auction is now accessible to auction participants using the terminals 1, 2, and
  • step S10 the web browser of the terminal 1, 2 and 3 is directed to the URL for the auction web site entry page and thus the browser requests this page and it is loaded on the buyer's machine.
  • step SI 1 the buyer is able to enter their user name and password in step SI 1 and this is then transmitted to step S12 to the Java web server 5.
  • the Java web server 5 then passes the user name and password to the administration server 9 for validation.
  • the administration server 9 accesses the administration database 11 in order to confirm that the user name and password are valid.
  • this information is passed back to the Java web server 5 so that the Java web server 5 uses the administration HTML and Java code in the storage device 6 in order to construct an auction information web page which is loaded onto the buyer's machine in step SI 3.
  • the auction participant is then able to select lots from the auction information page and thus auction selections are entered into the buyer's machine in step S14.
  • These auction selections are transmitted into the Java web server 5 in step SI 5 and passed to the administration server 9.
  • the administration server 9 will then access the auction database 10 to determine whether any of the selected lots are not in a current auction.
  • step SI 6 it not time for the selected auction (step SI 6) and an e-mail notification is set up in step SI 7 so that an e-mail will be sent to the auction participant when the relevant auction is about to begin. Details on the appropriate e-mail address can be stored in the administration database 11 for each auction participant.
  • step SI 8 the administration server informs the auction server that the auction participant wishes to receive auction parameters and the auction server 8 accesses the auction database 10 to retrieve the relevant auction parameters. These are then passed to the Java web server 5 which uses the auction HTML and Java code in the storage device 7 to construct an auction web page and transmit this to the buyer's machine (step SI 9).
  • the auction web page loaded on the buyer's machine in this embodiment includes an applet which continously retrieves updated auction parameters (step S20).
  • the Java web server 5 will construct the auction web page by requesting from the auction server 8 the latest auction parameters which are retrieved from the auction database 10. In this way the buyer's machine is kept informed of the progress of the auction.
  • the auction parameters comprise an identification of the lot, a description of the lot, the current highest bid, optionally an identification of the current highest bidder, and the auction price at which a lot can be purchased.
  • the auction server 8 will monitor and determine whether the auction is finished. If the auction is not finished, the auction server will wait for a request for updated auction parameters from the buyer's machine and the process returns to step S20. If a bid is entered, this is transmitted to the Java web server 5 (step S23) which passes this to the auction server 8. The auction server 8 then processes the bid in step S24 and determines whether the bid matches the current auction price in step S25. If not, in step S26 it is determined whether the entered bid is the highest bid.
  • step S27 the auction server 8 updates the highest bid in the auction parameters in the auction database 10 and the process returns to step S20 whereby the auction parameters at the buyer's machine are updated. If in step S26 it is determined that the entered bid is not the highest bid, the bid is ignored and the process returns to step S20.
  • step S28 the auction server updates the auction database to show that the auction has finished.
  • step S29 the updated auction parameters are read by the auction server 8 from the auction database 10 and passed to the Java web server 5 for transmission to the buyer's machine. In this way the auction participants are informed when a lot has been successfully bid for.
  • Figure 5 illustrates the display output to an auction participant on the web browser at the terminals 1, 2 and 3.
  • the display indicates the auction which in this case comprises the auction taking place on Wednesday.
  • the current time is indicated together with the current auction price.
  • Each lot is identified by a lot identifier (1, 2 or 3).
  • Each lot also includes a description.
  • the highest bid for each lot is also given together with an identification of the bidder.
  • An indication is also given for each lot as to whether the auction participant is currently the highest bidder i.e., whether the auction participant is "winning". Further, there is provided against each lot a window into which a bid can be placed for the lot.
  • a "submit” button is also provided which can be clicked on to submit the bid to the Java web server 5.
  • a further button is provided labelled “buy” and when this button is clicked on, a signal is transmitted to the Java web server 5 indicating that the auction participant wishes to buy the lot at the current auction price which is $4 as illustrated in Figure 5.
  • Figure 6 is a graph illustrating the progress of an auction.
  • the graph illustrates bids made for a single lot: lot 3.
  • lot 3 As can be seen in the display illustrated in Figure 5, at 9.30am the auction price starts at $4.
  • the current highest bid is 80 cents.
  • the auction price decrements steadily.
  • various bids are made for lot 3 and eventually at around 11.10am, the highest bid matches the current auction price at around $2. It is at this time that the auction for lot 3 terminates.
  • the auction for the other lots are likely to have terminated earlier because they are higher value items. It can also be seen from this that the auction can take place for multiple lots.
  • the number of lots which can be bid for can vary depending upon the number of lots which have been successfully bid for.
  • the time at which bidding closes for each lot will vary depending upon the perceived value of the lots by the bidders. In this way, the bids made during the auction for the lots are distributed throughout the day.
  • the invention allows auction hosts to place lots at an unrealistic high starting price that decrements in value automatically as in the Dutch format. Decrements can be of predetermined equal value and automatically administered within the central auction system. Auction participants then have the choice of bidding the current auction price and winning the lot or making a speculative bid below the current auction price. The bid is reordered and becomes active at the point the set price reaches it. All speculative bids are transmitted back to all bidders in the system. In this way each bidder is able to access the relative position of their own bids and make further competitive counterbids if they are outbid. The auction can be run as single lot or a multiple lot event.
  • a multiple lot event enables an auctioneer at the central auction system to automate the process extremely efficiently. All lots are given the same high value starting price and identical decrement structures thus recognising auction hosts are rarely the best determinants of an indicative price for their products. Bidders are then able to manage their bidding activity based on the relative times in which each lot enters their acceptable bidding range. For a bidder with a keen desire to secure particular lots, fulfilment can be guaranteed by making an offer at the prevailing auction price.
  • the present invention allows bidding for multiple lots to be dispersed over a longer time frame whilst enabling a lower number of bids to be made for each lot. This reduces the technical complications associated with multiple concurrent activities occurring on one database server and reduces the negative impact of user time lag between entering a bid at a bidder terminal and the bid being registered by the system.
  • Internet and specifically web technology is used, this is not essential to the present invention.
  • the present invention can be applied to an application shared between machines which communicate with each other e.g. over a network.
  • the network uses the Internet
  • the present invention is applicable to any network whether it be a conventional landline network or a wireless network.
  • the present invention is applicable to the Internet, Intranets, Extranets, local area networks, any wide area network or the new wireless application protocol (WAP).
  • WAP new wireless application protocol
  • the present invention encompasses any method by which the auction process can be carried out such as in accordance with the conventional manual auction process wherein an auctioneer will gradually reduce the current auction price e.g. using a clock, and bidders will manually make bids.

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  • Business, Economics & Management (AREA)
  • Finance (AREA)
  • Accounting & Taxation (AREA)
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  • Entrepreneurship & Innovation (AREA)
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Abstract

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PCT/GB2001/002582 2000-06-16 2001-06-13 Systeme et procede de vente aux encheres WO2001097106A2 (fr)

Priority Applications (1)

Application Number Priority Date Filing Date Title
AU64087/01A AU6408701A (en) 2000-06-16 2001-06-13 Auction system and method

Applications Claiming Priority (2)

Application Number Priority Date Filing Date Title
GB0014821A GB2363483A (en) 2000-06-16 2000-06-16 An auction system and method
GB0014821.3 2000-06-16

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Publication Number Publication Date
WO2001097106A2 true WO2001097106A2 (fr) 2001-12-20

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AU (1) AU6408701A (fr)
GB (1) GB2363483A (fr)
WO (1) WO2001097106A2 (fr)

Cited By (1)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
WO2005079131A1 (fr) * 2004-02-25 2005-09-01 Jean-Guy Moya Systeme et procede de ventes aux encheres sur reseau

Families Citing this family (1)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US7062460B1 (en) * 1999-10-12 2006-06-13 Enduse.Com Llc On-line auction method and system facilitating the sale of multiple product units at prices varying with volume

Family Cites Families (4)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US6026383A (en) * 1996-01-04 2000-02-15 Ausubel; Lawrence M. System and method for an efficient dynamic auction for multiple objects
ATE207638T1 (de) * 1996-03-29 2001-11-15 Egghead Com Inc Verfahren und system zum verarbeiten und übertragen von elektronischer auktionsinformation
US5890138A (en) * 1996-08-26 1999-03-30 Bid.Com International Inc. Computer auction system
JP3407561B2 (ja) * 1996-09-04 2003-05-19 株式会社日立製作所 競り装置およびその方法

Cited By (2)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
WO2005079131A1 (fr) * 2004-02-25 2005-09-01 Jean-Guy Moya Systeme et procede de ventes aux encheres sur reseau
US7555445B2 (en) 2004-02-25 2009-06-30 Jean-Guy Moya Network auction system and method

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GB0014821D0 (en) 2000-08-09
AU6408701A (en) 2001-12-24

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