METHOD FOR AUTOMATICALLY EXTENDING BIDDING PERIOD IN AUCTION SYSTEM USING COMPUTER NETWORK

摘要

A method for conducting an online auction using a computer network system is provided. The method for conducting an online auction using a communication network includes the steps of: (a) providing information on a bidding closing time and a product to be auctioned to buyers; (b) at least one or more buyers bidding for the product; (c) checking whether or not a new bid exists in a predetermined time period before the bidding closing time; and (d) if a new bid exists in the predetermined time period before the bidding closing time, extending the bidding closing time, and otherwise closing the auction at the bidding closing time. By doing so, a buyer who wants to a product to be auctioned has maximum bidding opportunities, while a seller can sell the product at the highest price.