PROBLEM TO BE SOLVED: To realize a circulation system enabling the merchandise investment beneficiary right of a race hose, which is not negotiable conventionally since free transfer to a third party is not permitted to be substantially transferred, through a communication network such as the Internet.;SOLUTION: When the lowest successful bidding price of the merchandise investment beneficiary right of a race horse owned by an auction-registered member is transmitted from the personal computer 12a of the member, an auction processing part 22 correlates the member and the lowest successful bidding price of the merchandise investment beneficiary right of the race horse and registers it in an auction information database 32 as auction information. When a bidding price not lower than the lowest successful bidding price is transmitted from the personal computer 12b of an auction bidding member, the auction processing part 22 correlates the bidding price and the member having transmitted the bidding price, registers it in the auction information database 32, and determines the member having transmitted the highest bidding price within a prescribed period to be the successful bidder of the merchandise investment beneficiary right of the race horse.;COPYRIGHT: (C)2003,JPO
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