An Internet-based procedure for reverse auctions combining aspects of negotiations and auctions

NegotiAuction^TM is an algorithmic Internet based auction procedure, which combines certain elements of negotiations and auctions. It can be used either to buy or sell in forward or reverse auctions. The auction owner may define an auction consisting of multiple issues (multidimensional auction) and have more control over the bidding process than is possible in traditional auctions, signaling bid requirements to the bidders individually. This will result in a preferred set of auction winners. The procedure is efficient in the sense that it reduces the auction time and eliminates the necessity of holding subsequent negotiations with the set of winners