The Problem

How many have experienced the phenomenon of on-line auctions in the way they cause individuals to bid more than a product is worth. This was brought to my attention when my brother-in-law sold a second hand baby carrage with tape all over it on eBay for more money than it was worth new. The fact that auctions can linger for days before they close can build up ones desire for that item as time goes on. The initial "need" for the item has transformed itself into an all encompassing internal desire to "win". Its likeness only mirrored by the phenomenon intertwined with "gambling".

The solution

HighBid/LowBid Bidding Boxes

The idea is based on real-world examples of sales involving 'collectible" and "non-collectible" items. Real-world commerce teaches us that collectible items rise in price while non-collectibles fall in price to the point where the only good place for them is the garbage (with exceptions). Taking this real-world principal and applying it to internet auctions can create a feature that would incorporate a methodology that will not only eliminate most of the "problem" as described above. But would "REVOLUTIONIZE' on-line auction systems employed today on sites like eBay, Yahoo, Ubid, etc. The following is a proposed functionality of a methodology that could acheive this goal:

HighBidding Box (Collectibles):

This box encompasses multiple users who engage in "Real-Time" bidding at a designated time for a desired item. Each Bidding box contains multiple items for sale and presented in "bidding sessions". Bidding sessions commence by the initial display of a starting price for the item established by the seller. Each bidding session consists of "rounds" of "Bid Acceptance" that increases the value of the item. Current Item prices are generated by an algorithm that is displayed to the users. Each user engages an "Accept" button in their attempts to win the current bidding round. Each bidding round awards the winner "bonus" points redeemable for cash or prizes. The last bidding round awards the item to the user. This process lasts for one minute. Thus, entitled the "1 minute auction" and mimics real-world auctions where there is an auctioneer introducing and raising the price of an item for sale while buyers "Accept". However, in this methodology scheme, the end result of an auction produces multiple winners instead of one single winner as with conventional real-world and on-line auction systems.

LowBidding Box (non-collectibles):

This box encompasses multiple users who engage in "Real-Time" bidding at a designated time for a desired item. Each Bidding box contains multiple items for sale and presented in "bidding sessions". Bidding sessions commence by the initial display of a starting price for the item established by the seller. Each bidding session consists of "rounds" of "Bid Acceptance" that decrease the value of the item. Current Item prices are generated by an algorithm that is displayed to the users. Each user engages an "Accept" button in their attempts to win the current bidding round. Each bidding round awards the winner "bonus" points redeemable for cash or prizes. The last bidding round signifies the "lowest acceptable bid" the seller will accept and awards the item to the winner. This process lasts for one minute. Thus, entitled the "1 minute auction" and mimics real-world "reverse" auctions. In addition, simulates real-world "discounts" where store owners offer a percentage off the retail value.

This process can be known in the industry as:Speed-Bidding

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