sealed bid reverse auction system and method

摘要

A system and method for online sealed bid reverse auctions via remote computer devices according to a predetermined set of rules, wherein the reverse auction includes sealed bids and random identification numbers assigned to auction launchers, is disclosed. The system allows launchers to opt for one of two different bidding categories. Category One requires payment of the winning bid amount. Category Two requires a commitment to purchase a price protection policy, which allows the final winning bid amount to be recalculated based on a price protection formula calculated by subtracting the price protection rate from a sum of the amount of winning bid or lower and an amount equal to a predetermined percentage of a difference between a next lower bid amount and the lowest winning bid amount. The system also allows the allocation of at least a portion of the price protection fee.