WO2002101603A1 - Wool tender selling system - Google Patents
Wool tender selling system Download PDFInfo
- Publication number
- WO2002101603A1 WO2002101603A1 PCT/AU2002/000737 AU0200737W WO02101603A1 WO 2002101603 A1 WO2002101603 A1 WO 2002101603A1 AU 0200737 W AU0200737 W AU 0200737W WO 02101603 A1 WO02101603 A1 WO 02101603A1
- Authority
- WO
- WIPO (PCT)
- Prior art keywords
- bid
- lot
- buyers
- time
- tender
- Prior art date
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Classifications
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q30/00—Commerce
- G06Q30/06—Buying, selling or leasing transactions
- G06Q30/08—Auctions
Definitions
- This invention relates to a tender system.
- the 'Open Cry" auction system involves, in its most basic form, the seller of goods, typically a commodity, e.g. wool, tobacco or livestock, etc. offering for sale, a quantity of that commodity to potential buyers, wherein the highest "called out” bid unconditionally buys the offered commodity.
- the quantity of the commodity offered commonly called a "lot" is wholly dependent on the type of commodity and the market place in which it is offered. For example, in a wool selling environment the lot typically comprises 6 or 7 bales (about 1 tonne) of wool.
- the open cry system requires that each potential purchaser is proximate to the place of auction, which in a highly computerised and telecommunications rich world, includes an on-line presence or a presence by proxy. Most importantly, all the participants must be involved in the auction at the same time. Clearly there can be complications if the bidder is remote, especially if they are on-line, as there are delays in the communication of the last bid and receipt of that remote bid at the auction location. This delay may then create an unfair situation for the remote bidder.
- Tendering is another way of selling or offering a good or service, but is not typically used for commodities like wool, etc.
- a tender comprises a written offer by one party to buy "goods or services" or offer "goods or services”.
- One or more other parties respond to the tender offer in writing with the highest or lowest tender winning as required.
- the tender responses are kept sealed until after a predetermined time.
- the tender responses are thus not opened until after the predetermined deadline has passed.
- a common example of the use of a tender system is the offer by a local government to accept bids for the supply of a service such as garbage collection.
- the tender process requires that the local government specify certain conditions relating to timeliness, disposal practices and other requirements that must be responded to in any tender bid document submitted before the end of a tender bid period.
- one or more garbage collection companies may place a written and sealed bid in a box or like receptacle located in the council chambers that remains locked until after the close of the tender period. All the sealed bids are then, and only then, opened and the lowest complying bid is awarded the tender.
- a variant of the tender process is the progressive tender, which attempts to simulate the auction process in a non-real time environment. Firstly, there is the written offer (bid) to a written tender. The highest bidder is then informed that they provided the highest bid. Other bidders are told that they did not provide the highest bid. The highest bidder then pays the amount of the second highest bidder plus one unit of the bid unit used. Thus, for example if the bid unit was $1 and the highest bid was $100 and the second highest bid was $82, the highest bidder would pay $83.
- This scheme protects the bidders from over inflating the market but is not always popular with the sellers.
- a progressive tender system can be implemented electronically. It does however maintain the problem of how to fairly determine a common deadline, but is gaining in popularity as is evident with its current use on the Internet, with small variation, as a bidding model that allows remotely located bidders to be involved.
- the present invention provides a method for conducting high-volume tenders in an alternative and more efficient manner.
- a method of tendering a lot of a commodity comprising the steps of: opening the tender by offering at least a lot for sale; displaying the results of a first bid round to one or more potential buyers and seller of a said lot; providing a predetermined period of time equally to all buyers and seller within which to revise their bid or reserve respectively;
- a method of tendering a lot of a commodity comprising the steps of: opening the tender by offering at least one lot for sale; transmitting data causing the results of a first bid round to be displayed to one or more potential buyers and seller of a said lot; providing a predetermined period of time equally to all buyers and seller within which to revise their bid or reserve respectively; receiving said revised bids and/or revised reserve sent within said period of time; and awarding to the buyer offering the highest bid over the reserve the sale of the lot following the lapse of said period of time.
- a method of tendering a lot of a commodity comprising the steps of: receiving the results of a first bid round; transmitting a revised bid within a predetermined period of time; and being awarded the sale of the lot if the revised bid is the highest bid over the reserve.
- Fig. 1 depicts a visual presentation including information relevant to the potential buyer of a lot before any bid is made in the form of a page of a computer screen representative of a page in a catalogue of lots of wool for sale;
- Fig.2 depicts a Fig. 1 screen after bids by a potential buyer have been made
- Fig.3 depicts a Fig. 2 screen plus information relevant to the seller of a lot after a first round of bids is complete;
- Fig.4 depicts a revised Fig 3 screen showing MICH's revised bids
- Fig.5 depicts a revised Fig. 3 screen showing the result of the reviewed bid process for the lots.
- Fig.6 depicts the components of a system that implements a bidding system in accordance with that disclosed herein.
- volume trading system uses the selling of wool as an example of the commodity being traded between buyers and sellers.
- the minimum unit of bid is also known to all involved.
- the units of wool offered are bales of known weight typically 180 kilograms per bale and an example of a lot would be 10 bales of wool having certain characteristics.
- the characteristics of the wool in each bale are marked thereon in an agreed manner according to an independent wool testing facility.
- the minimum unit of bid is, for example, a cent so an example of a bid would be 300 cents per kilogram for the lot on offer.
- catalogues available to buyers a minirnum prescribed time before the tender opens, say for example and preferably 24 hours.
- the catalogue is made available to all potential buyers (possibly hundreds) by way of electronic mail or the catalogue is made available on a computer system accessible to all potential buyers. It is preferable that the number of lots offered at any one time is the number that will best fit within the screen of the
- Bids may be submitted by a buyer or their representative, but must be submitted to a predetermined electronic system adapted to receive such bids.
- the system to be used is determined by the operator of the two stage progressive tender arrangement.
- Such a system may be one or more computers suitably arranged to cooperate with each other in achieving the requirements of the system. Such arrangements are not disclosed in detail herein as the team of persons responsible for such matter will find it well within their skill to do so.
- Such bids must be received from potential purchases /buyers by a predetermined time. This time is chosen by the system operator and imposed upon all potential buyers. The means to measure this time or put another way a time period following the issue of the information regarding lots on offer is by way of example provided by the computer or computer system used by the potential buyer. It is clearly in the buyer's interest to strictly comply with the time period set and any attempt to improperly extend the period can be detected by various means known to those skilled in the appropriate art.
- the catalogue or information relating to the lots available will be provided to the buyers well before the predetermined time, e.g. 24 hours before.
- the time of receipt of each bid by a prospective buyer is recorded by the receiving system, its time system being strictly maintained by means known to
- the time recording of the receipt of first bids is a means of separating bids of equal value.
- the first received bid will be the preferred bid.
- a first stage (also possibly referred to as a preliminary) result is corrununicated to all potential purchasers as well as the seller.
- the screen of information provided to the participants is different for each of them.
- a potential buyer will preferably be shown those lots for which they are the leading bidder, the highest bid price for all other lots, and the quantity of bids received for each lot.
- the amount and type of information provided in the first stage response would be at the discretion of the operator of the system but may be predetermined by the participants as a condition of their involvement in the system.
- the recipient is provided a non- changeable period of time during which a potential buyer or the seller may make an adjustment to their stance, but only within that predetermined time period. It is envisaged that the time period for this will be monitored buy the seller's and buyers' respective computers such that each participant is not unfairly prejudiced by system delays. Each participant's computer will be allowed a set time which will be measured from the time of receipt of the first round bids.
- the period is provided so that the participants can review and if they choose, revise their bid or reserve as the case may be for buyer and seller respectively.
- the seller may, in light of the highest known bid for a lot, decide to increase the reserve so as to bet, in some respects, on the market showing a trend to higher prices for the commodity on offer. This new higher reserve of course incurs the risk that the revised bids of the potential bidders may not be reached and the lot will be passed in. If on the other hand the seller perceives a falling market and is still eager to see their lot sold, they may be willing to lower their reserve to attempt to ensure its sale. It is also possible for the seller to leave the reserve as it is or even to withdraw the lot. However, the latter option may not be possible dependant on the rules of the arrangement. A buyer may, in light of their perceived position in the bid decide to increase their bid so as to increase their chance of buying the lot or lots on offer. However, they may decide to lower their bid in the belief that their revised bid may still win out. It is also possible for the buyer to leave the bid as it is or even to withdraw its bid.
- the period to elapse within which to revise a participants position is counted down from the time the preliminary result is received by the participant.
- the countdown of that period is displayed to the participant on their screen.
- the countdown period is 60 seconds.
- the system operators select the length of this period but it may be that the participants select a more practical period after some interaction and experimentation with the system, to ensure a workable arrangement.
- it is useful to work with participants in matters of this kind so as to ensure the system is useful but it is also important to all concerned to consider the need to keep the rate of lot offerings and possible sale at a reasonable pace for the good of the market.
- the manner in which the countdown is displayed is again a matter of choice but in a preferable manner it comprises a reducing bar of length proportional to the time available within which to revise the bid or reserve quantity (such as display is not shown in the attached figures).
- the bids are compared and the winning bid determined.
- the screen of lots being offered or a portion thereof is not processed and may be withdrawn and used in a future offering.
- the revised bid period is timed by the administrative system as well as by all the participants so the system is asynchronous but the degree of period a participant can be out of sync has to have some limits just as there are limits on the accuracy of any synchronous clock system. No system is perfect or absolute.
- the seller reserve is treated as a vendor bid, and assumed to have been entered first. Therefore, if the highest bid is equal to the reserve the lot is passed in.
- the bids in the first round can be compared to determine the highest bid during that round and thus the winner determined.
- the processing sequence for the next tranche of lots can then begin.
- a period of review may for example be 45 seconds when 10 lots are displayed on a screen or 55 seconds when 12 lots are displayed on a screen. It is desirable that the minimum number of lots handled by the system be 500 per hour with 600 being ideal. This would then more than favorably compare with the current system in terms of throughput and have the advantages disclosed.
- the payment and bills of sale can be automatically exchanged via electronic means.
- Fig 1 depicts a visual presentation of information relevant to the potential buyer of a lot before any bid is made, in the form of a computer screen representative of a page in a catalogue of lots of wool for sale.
- the upper lines are the headings that identify the technical description of the lots for sale.
- the abbreviations and acronyms used are well known in the trade and correlate to the information in the upper two rows in the 10 larger rows of information representative of each of the 10 lots on this page.
- the third row of information shows the source farm name of the lot and its brand (eg FOWLERS GAP AAAM).
- the column headed LOT is a unique identifying lot number and the column headed B/S is the number of bales (units) being offered in that lot.
- MY BID is available for use as is the column headed HIGHEST BID & BUYER.
- Fig. 2 depicts Fig. 1 after bids have been made by the prospective buyer and before the closing of the bids.
- the bids shown are in cents per kilogram and represent the highest price the buyer is prepared to pay at that time.
- the MY BID Column is filled in by the potential buyer.
- Fig. 3 depicts Fig. 2 plus information relevant to the buyers of a lot after a first round of bids is complete and is an example of the screen that would be displayed to a particular buyer, in this case, the buyer identified as MICH (bold text is used to identify MICH).
- MICH bold text is used to identify MICH.
- the column for the HIGHEST BID & BUYER is filled in according to the result of the bidding.
- a predetermined colour eg blue
- the font may be varied in a predetermined way as in the figures or some such other distinguishing feature can be added to assist the identification of that buyer's winning bids.
- the winning buyer is able to buy the lot at the price of the second buyer's bid plus one bidding unit.
- the second highest bidder obviously bid 420 and the amount to be paid if successful would be 421 cents per kilogram. MtCH can see therefore that his bids for lots 5066 and 5080 are well above the second highest bidders and may be unnecessarily high to secure the lot.
- Fig.4 depicts a revised Fig 3 screen showing MICH's revised bids in bold in the MY BID column which is the same column as the MY BID column in the previous screen but possibly displayed in a different way (colour or perceived texture) during the revised bid period.
- MICH has re-bid on 3 lots to improve his chances of buying and reduced his bid in lot 5080.
- the revised bid must be finalised within the predetermined review period as discussed earlier in this specification.
- the periods applicable for each stage of the process are displayable on the computer screen as discussed earlier in the specification.
- Fig.5 depicts a revised Fig. 3 screen showing the result of the revised bid process for the lots.
- MICH has ended up with a purchase of lots 5066, 5068, 5080, 6886 and 7539 as a result of the adjustments made by the sellers and the other potential buyers.
- Fig. 6 depicts the components of a system that implements a bidding system in accordance with that disclosed herein. It is possible for there to be a central computer 10 that serves the needs of the programme to send out all the pages of information to each participating potential buyer and seller and receive bid and revised bid or reserve information. It would also compare the incoming information and compile the revised screens or the relevant parts thereof and keep overall timing to the predetermined rate of lot offerings etc. As described it is not necessary to maintain a master clock to which other computers are slaved in the bidding process described herein, so communications to and from one or more external users 14, 16 and 18 can be via the asynchronous network of computers known as the internet 12. Some users 20 and 22 of the system may prefer to use dedicated lines but that is a matter of choice since it makes no difference to the fundamental working of the system.
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Abstract
Description
Claims
Applications Claiming Priority (2)
Application Number | Priority Date | Filing Date | Title |
---|---|---|---|
AUPR5570A AUPR557001A0 (en) | 2001-06-08 | 2001-06-08 | Wool tender selling system |
AUPR5570 | 2001-06-08 |
Publications (1)
Publication Number | Publication Date |
---|---|
WO2002101603A1 true WO2002101603A1 (en) | 2002-12-19 |
Family
ID=3829544
Family Applications (1)
Application Number | Title | Priority Date | Filing Date |
---|---|---|---|
PCT/AU2002/000737 WO2002101603A1 (en) | 2001-06-08 | 2002-06-07 | Wool tender selling system |
Country Status (2)
Country | Link |
---|---|
AU (1) | AUPR557001A0 (en) |
WO (1) | WO2002101603A1 (en) |
Cited By (1)
Publication number | Priority date | Publication date | Assignee | Title |
---|---|---|---|---|
CN104021366A (en) * | 2014-06-17 | 2014-09-03 | 贵州省烟草公司贵阳市公司 | Tobacco information collection system |
Citations (7)
Publication number | Priority date | Publication date | Assignee | Title |
---|---|---|---|---|
WO1997037315A1 (en) * | 1996-03-29 | 1997-10-09 | Onsale, Inc. | Method and system for processing and transmitting electronic auction information |
US6021398A (en) * | 1996-01-04 | 2000-02-01 | Ausubel; Lawrence M. | Computer implemented methods and apparatus for auctions |
US6047274A (en) * | 1997-02-24 | 2000-04-04 | Geophonic Networks, Inc. | Bidding for energy supply |
US6230146B1 (en) * | 1998-09-18 | 2001-05-08 | Freemarkets, Inc. | Method and system for controlling closing times of electronic auctions involving multiple lots |
US6285989B1 (en) * | 1998-08-07 | 2001-09-04 | Ariba, Inc. | Universal on-line trading market design and deployment system |
FR2808356A1 (en) * | 2000-08-09 | 2001-11-02 | Jean Gatty | Server for managing online allocation of stock in an initial public offering by recording of potential subscribers in a database and then management of their bids for stock at varying prices so that the price obtained is optimized |
WO2002009003A1 (en) * | 2000-07-21 | 2002-01-31 | The Bear Stearns Companies, Inc. | Computerized auctioning system and method |
-
2001
- 2001-06-08 AU AUPR5570A patent/AUPR557001A0/en not_active Abandoned
-
2002
- 2002-06-07 WO PCT/AU2002/000737 patent/WO2002101603A1/en not_active Application Discontinuation
Patent Citations (7)
Publication number | Priority date | Publication date | Assignee | Title |
---|---|---|---|---|
US6021398A (en) * | 1996-01-04 | 2000-02-01 | Ausubel; Lawrence M. | Computer implemented methods and apparatus for auctions |
WO1997037315A1 (en) * | 1996-03-29 | 1997-10-09 | Onsale, Inc. | Method and system for processing and transmitting electronic auction information |
US6047274A (en) * | 1997-02-24 | 2000-04-04 | Geophonic Networks, Inc. | Bidding for energy supply |
US6285989B1 (en) * | 1998-08-07 | 2001-09-04 | Ariba, Inc. | Universal on-line trading market design and deployment system |
US6230146B1 (en) * | 1998-09-18 | 2001-05-08 | Freemarkets, Inc. | Method and system for controlling closing times of electronic auctions involving multiple lots |
WO2002009003A1 (en) * | 2000-07-21 | 2002-01-31 | The Bear Stearns Companies, Inc. | Computerized auctioning system and method |
FR2808356A1 (en) * | 2000-08-09 | 2001-11-02 | Jean Gatty | Server for managing online allocation of stock in an initial public offering by recording of potential subscribers in a database and then management of their bids for stock at varying prices so that the price obtained is optimized |
Cited By (1)
Publication number | Priority date | Publication date | Assignee | Title |
---|---|---|---|---|
CN104021366A (en) * | 2014-06-17 | 2014-09-03 | 贵州省烟草公司贵阳市公司 | Tobacco information collection system |
Also Published As
Publication number | Publication date |
---|---|
AUPR557001A0 (en) | 2001-07-12 |
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