Automated exchange for the efficient assignment of audience items
First Claim
1. An automated exchange system including a smart electronic double auction for allocating audience items among prospective buyers and sellers and for calculating a set of prices for the audience items based on buyer bids from the buyers and seller offers from the sellers, comprising:
- remote terminals for initiating and transmitting data including buyer bids and seller offers; and
a central trade exchange system including a trading means for receiving buyer bids and seller offers from said remote terminals, simultaneously processing the buyer bids and the seller offers, identifying a set of trades in audience items between buyers and sellers which optimize gains obtained by buyers and sellers from the set of trades in audience items based on the bids and offers received by said trading means, calculating a price for each audience item in the set of trades, and identifying rejected buyer bids and rejected seller offers.
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Accused Products
Abstract
An automated exchange system is provided which includes a smart electronic double auction for allocating audience items among perspective buyers and sellers and for calculating a set of prices for the audience items, i.e. any form of advertising time and/or space in any media environment, based on buyer bids and seller offers. The system and method includes processing bids and offers, identifying a set of trades in audience items between buyers and sellers which optimize gains obtained by buyers and sellers from the set of trades in the audience items and calculating a price for each item. The system and method effectively processes participants'"'"' complex preferences for multiple, heterogeneous, multi-dimensional audience items while providing substantial efficiency advantages, such as reduced transaction costs.
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Citations
42 Claims
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1. An automated exchange system including a smart electronic double auction for allocating audience items among prospective buyers and sellers and for calculating a set of prices for the audience items based on buyer bids from the buyers and seller offers from the sellers, comprising:
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remote terminals for initiating and transmitting data including buyer bids and seller offers; and
a central trade exchange system including a trading means for receiving buyer bids and seller offers from said remote terminals, simultaneously processing the buyer bids and the seller offers, identifying a set of trades in audience items between buyers and sellers which optimize gains obtained by buyers and sellers from the set of trades in audience items based on the bids and offers received by said trading means, calculating a price for each audience item in the set of trades, and identifying rejected buyer bids and rejected seller offers. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 29, 30)
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21. An automated method of allocating audience items among prospective buyers and sellers based on buyer bids from the buyers and seller offers from the sellers, comprising the steps of:
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receiving, in a computer, buyer bids to buy audience items and seller offers to sell audience items;
processing the buyer bids and the seller offers;
identifying a set of trades in audience items between buyers and sellers which optimize gains obtained by buyers and sellers from the set of trades in audience items based on the bids and the offers received by said computer;
calculating a price for each audience item in the set of trades;
identifying rejected buyer bids and rejected seller offers;
transmitting electronic notifications of accepted buyer bids and seller offers forming the set of trades, said rejected buyer bids and said rejected seller offers, to respective remote buyer terminals and remote seller terminals. - View Dependent Claims (22, 23, 24, 25, 26, 27, 28, 31, 32, 33, 34, 35, 36, 37, 38, 39)
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40. A method of allocating audience items among prospective buyers and sellers based on buyer bids from the buyers and seller offers from the sellers, comprising the steps of:
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receiving, in a central computer, seller offers to sell audience items;
processing the seller offers in said central processor;
transmitting processed seller offers to the buyers;
receiving, in said central computer, buyer bids from the buyers after processing the seller offers; and
processing said seller offers and said buyer bids and identifying a set of trades in audience items between buyers and sellers which optimize gains obtained by buyers and sellers from the set of trades in audience items based on the bids and the offers received by the central computer. - View Dependent Claims (41)
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42. A computer readable storage medium encoded with executable instructions for operating an automated exchange including a smart electronic double auction for allocating audience items among prospective buyers and sellers, comprising:
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a set of instructions for processing data including buyer bids and the seller offers;
a set of instructions for identifying a set of trades in audience items between buyers and sellers which optimize gains obtained by buyers and sellers from the set of trades in audience items based on the bids and offers received by said trading means; and
a set of instructions for calculating a price for each audience item in the set of trades.
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Specification