Always fun to get alerts about patent applications relevant to your interest area (thanks, "Mr. Google"), and here's one that is a novel twist on reverse auctions. A gentleman in Vietnam, Xuan Nguyen Thanh, has filed an international patent application for what he terms a "Motion Reverse Auction." It is interesting in terms of the auction format and the allowance for rebidding based on aggregation of demand for the item/service involved.
Here is his graphic portrayal of a motion reverse auction:
* (If you want to see his graphic model in larger form, best to go direct to the link at http://www.wipo.int/pctdb/en/wo.jsp?WO=2010067305&IA=IB2009055569&DISPLAY=DOCS and see page 29 of his application):
And here is the brief description of how it would work:
"A website enables a motion reverse auction between suppliers of common consumer goods and consumers (buyers). A buyer requests to buy consumer goods/commoditities and indicates the highest price he/she may accept and a minimum quantity he/she intents to buy. Then, during a waiting period, other buyers request to buy the same kind of goods with a price equal or lower than the price indicated by the first buyer. During the waiting period the total requested quantity increases while the accepted prices decrease. Suppliers then bid during a bidding period. The final winner of the auction is the supplier with the lowest selling price and having a quantity of goods equal or bigger to the total quantity requested by the buyers."
You can read more about his project in his application on file with the World Intellectual Property Organization below:
Interesting stuff - we'll follow-up on this novel approach to competitive bidding here at the Reverse Auction Research Center (http://reverseauctionresearch.blogspot.com/).
David
From the Reverse Auction Research Center: http://reverseauctionresearch.blogspot.com/
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