Abstract: An auction is conducted by receiving, from a participant, a request for an item. An auction for the item is identified and a bid for the item is received from the participant. The received bid is forwarded to an auction for the item. In some embodiments, a transformation function associated with the participant is identified and applied to the bid to produce a transformed bid. The transformation function reflects different information about participants, the items, or the auctions (e.g, participants from different industries or from different countries).

Abstract: A system, method, apparatus, and computer program code for conducting a buy-side auction includes defining a plurality of transformation functions available for use in the auction. An offer to sell the item requested in the auction is received from a seller, and at least one transformation function is identified, based at least in part on the offer or the seller. The selected transformation function is applied to the offer to produce a transformed offer, and a state of the auction is updated based on the transformed offer.