Total value bidding

Abstract

Evaluating values of different terms in online auctions is disclosed. An interest rate and a period from a buyer for a lot are obtained. The lot has a predetermined value. A first bid is received from a first bidder and a second bid is received from a second bidder on the lot. The first and second bids each have a payment time and a rebate. The first bid is transformed into a first value and the second bid is transformed into a second value using the interest rate, period, and predetermined value from the buyer and the payment times and rebates from the first and second bidders.

1 . A system for evaluating values of different terms in online auctions comprising:
 a processor; and   a memory coupled with the processor and configured to provide the processor with instructions which when executed cause the processor to:
 obtain an interest rate and a period from a buyer for a lot, the lot having a predetermined value; 
 receive a first bid from a first bidder and a second bid from a second bidder on the lot, the first and second bids each having a payment time and a rebate; and 
 transform the first bid into a first value and the second bid into a second value using the interest rate, period, and predetermined value from the buyer and the payment times and rebates from the first and second bidders. 
   
     
     
         2 . The system of  claim 1  wherein the memory is further configured to provide the processor with instructions which when executed cause the processor to compare the first value and the second value. 
     
     
         3 . The system of  claim 1  wherein the memory is further configured to provide the processor with instructions which when executed cause the processor to display a rank of the first value with respect to the second value. 
     
     
         4 . The system of  claim 1  wherein the transforming comprises using linear programming to calculate the first and second values. 
     
     
         5 . The system of  claim 1  wherein the transforming comprises:
 determining a factor from the interest rate and the period; and   generating a first and second adder from the first and second payment times, respectively, the interest rate, the period, and the predetermined value.   
     
     
         6 . The system of  claim 5  wherein the generating comprises calculating the factor (m) according to equation (1):
 m=predetermined value/(1+interest rate) time period  (1)   wherein the time period comprises a time in which the rebate will be paid.   
     
     
         7 . The system of  claim 6  wherein the calculating comprises providing the time period based on days, the time period being 360 days +days after the 360 days in which the rebate will be paid. 
     
     
         8 . The system of  claim 1  wherein the memory is further configured to provide the processor with instructions which when executed cause the processor to solicit potential bidders. 
     
     
         9 . The system of  claim 8  wherein the soliciting comprises:
 preparing a request for quotation;   providing the request for quotation to the potential bidders; and   requesting the potential bidders to respond to the request for quotation.   
     
     
         10 . The system of  claim 1  wherein the memory is further configured to provide the processor with instructions which when executed cause the processor to:
 electronically couple the first and second bidders to an auction coordinator; and   submit the first and second bids to the auction coordinator online.   
     
     
         11 . The system of  claim 1  wherein the obtaining comprises identifying at least one of goods and services to be purchased. 
     
     
         12 . The system of  claim 1  wherein the memory is further configured to provide the processor with instructions which when executed cause the processor to:
 receive at least one additional bid having an additional time period and an additional rebate; and   transform the additional rebate into an additional value.   
     
     
         13 . A method for evaluating values of different terms in online auctions comprising:
 obtaining an interest rate and a period from a buyer for a lot, the lot having a predetermined value;   receiving a first bid from a first bidder and a second bid from a second bidder on the lot, the first and second bids each having a payment time and a rebate; and   transforming the first bid into a first value and the second bid into a second value using the interest rate, period, and predetermined value from the buyer and the payment times and rebates from the first and second bidders.   
     
     
         14 . The method of  claim 13  further comprising comparing the first value and the second value. 
     
     
         15 . The method of  claim 14  further comprising displaying a rank of the first value with respect to the second value. 
     
     
         16 . The method of  claim 13  wherein the transforming comprises:
 determining a factor from the interest rate and the period; and   generating a first and second adder from the first and second payment times, respectively, the interest rate, the period, and the predetermined value.   
     
     
         17 . The method of  claim 16  wherein the generating comprises calculating the factor (m) according to equation (1):
 m=predetermined value/(1+interest rate) time period  (1)   wherein the time period comprises a time in which the rebate will be paid.   
     
     
         18 . The method of  claim 13  further comprising:
 electronically coupling the first and second bidders to an auction coordinator; and   submitting the first and second bids to the auction coordinator online.   
     
     
         19 . The method of  claim 13  further comprising:
 receiving at least one additional bid having an additional time period and an additional rebate; and   transforming the additional rebate into an additional value.   
     
     
         20 . A computer program product for evaluating values of different terms in online auctions, the computer program product being embodied in a computer readable storage medium and comprising computer instructions for:
 obtaining an interest rate and a period from a buyer for a lot, the lot having a predetermined value;   receiving a first bid from a first bidder and a second bid from a second bidder on the lot, the first and second bids each having a payment time and a rebate; and   transforming the first bid into a first value and the second bid into a second value using the interest rate, period, and predetermined value from the buyer and the payment times and rebates from the first and second bidders.