Design of an Internet-based system for remote Dutch auctions

Outlines the principle of the Dutch auction, whereby the price begins at a high level and decreases by steps until a bid is made. Describes an integrated hardware and software system which uses Internet communications to enable remotely located bidders to participate in real-time Dutch auctions and which meets the stringent requirement that synchrony be maintained among bidders' terminals to ensure that each bidder has a fair chance to bid al the current offer price, Defines the principal functions of the system and characterizes its available resources. Illustrates implementation using a prototype design. Pays particular attention to bidder terminal synchronization, bidder authentication,and auction client security. Includes the possibility of a system variant using ISDN interconnect and PC-based bidders' terminals.