Method and system for implementing a business transaction over the internet with use and consecutive transformation of information from publicly available databases, actual preferences of potential customers and statistical models of the market situation
First Claim
1. A computer-based method for implementing a business transaction over the Internet that involves search, negotiation and legal closing using publicly available databases, information about participant'"'"'s actual preferences and the statistical models of the market situation, comprising the steps of:
- a) evaluating actual preferences of the potential customers (buyers) on the basis of interactive contacts with them over the Internet and defining the admissible search domain;
b) searching all said publicly available databases and generating the first list of admissible items inside of said search domain in accordance with said buyer'"'"'s preferences having been formulated on the previous step;
c) in the case when said first list contains no items recurrent returning to step a) with the suggestion for said buyer to change said preferences with the goal to enlarge said admissible search domain and canceling all the next steps if said buyer disagrees with the suggested changes;
d) creating the statistical models of the market situation and tendencies at the proximity of said first list of items including the models of the marginal market evaluations and the models of the prevailing (asking and selling) market contract terms;
e) redefining the admissible search domain on the basis of the results obtained at the previous step and recurrent r to the step b) if necessary;
f) informing said buyer about the marginal prices of the items'"'"' parameters from said first list and about marginal prices of the contract parameters for the same items and recurrent returning to step a)-e) if said buyer considers to change preferences or confirming the already existing said first list of items if the buyer considers not to change preferences;
g) eliminating the items from said first list which are situated in contradiction with said statistical models of the market situation and tendencies (fair price hypothesis) thus generating the second shorter list of negotiable items;
h) in the case when said second list contains no items recurrent returning to step a) with the suggestion for said buyer to change said preferences with the goal to enlarge said search domain and canceling all the next steps if said buyer disagrees with the suggested changes;
i) evaluating actual preferences of the sellers of said second list of items on the basis of interactive contacts with them over the Internet and defining the admissible negotiation domains;
j) organizing the processes of simultaneous interactive negotiations at said negotiation domains between said buyer and each of said sellers from the said step i) on the basis of information derived at said steps a) ii) and formulating suggestions which can constitute the basis of a compromise for the each pair of buyer/seller;
k) generating the third list of the items for which the compromises between said buyer and any one of said sellers were agreed upon by both of them, designating the final item from said third list for which the result of said step j) is best for said buyer and obtaining said buyer'"'"'s approval for finalizing the transaction;
l) in the case when said third list contains no items recurrent returning to the step a) with the suggestion for said buyer to change said preferences with the goal to enlarge said search domain and canceling all procedure if said buyer disagrees with the suggested changes;
m) generating all necessary legal documents and organizing the processes of due diligence and legal closing;
n) recurrent returning to the next item from said third list on said step k) if said step m) had been finished unsuccessfully and said process of due diligence had failed;
o) in the case when said third list contains no more items recurrent returning to step a) with the suggestion for said buyer to change said preferences with the goal to enlarge said search domain and canceling all procedure if said buyer disagrees with the suggested changes.
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Abstract
A method and a system for implementing a business transaction over the Internet that involves search, negotiations and legal closing with multiple participants (i.e., real estate business) in which the computerized system communicates with potential participants consecutively, creates mathematical approximations for their multidimensional utility and flexibility functions based on information voluntarily supplied by the participants, organizes the search of admissible items at preliminary defined search domains, generates the fair price evaluations for each item, which the participants are interested in, based on statistical models of the market situation, organizes the process of interactive negotiations between participants at preliminary defined negotiation domains with the use of fair price evaluations and Pareto analysis, delivers to the participants the possibilities to sign the contract electronically and to finish the total process with due diligence and legal closing online.
91 Citations
40 Claims
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1. A computer-based method for implementing a business transaction over the Internet that involves search, negotiation and legal closing using publicly available databases, information about participant'"'"'s actual preferences and the statistical models of the market situation, comprising the steps of:
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a) evaluating actual preferences of the potential customers (buyers) on the basis of interactive contacts with them over the Internet and defining the admissible search domain;
b) searching all said publicly available databases and generating the first list of admissible items inside of said search domain in accordance with said buyer'"'"'s preferences having been formulated on the previous step;
c) in the case when said first list contains no items recurrent returning to step a) with the suggestion for said buyer to change said preferences with the goal to enlarge said admissible search domain and canceling all the next steps if said buyer disagrees with the suggested changes;
d) creating the statistical models of the market situation and tendencies at the proximity of said first list of items including the models of the marginal market evaluations and the models of the prevailing (asking and selling) market contract terms;
e) redefining the admissible search domain on the basis of the results obtained at the previous step and recurrent r to the step b) if necessary;
f) informing said buyer about the marginal prices of the items'"'"' parameters from said first list and about marginal prices of the contract parameters for the same items and recurrent returning to step a)-e) if said buyer considers to change preferences or confirming the already existing said first list of items if the buyer considers not to change preferences;
g) eliminating the items from said first list which are situated in contradiction with said statistical models of the market situation and tendencies (fair price hypothesis) thus generating the second shorter list of negotiable items;
h) in the case when said second list contains no items recurrent returning to step a) with the suggestion for said buyer to change said preferences with the goal to enlarge said search domain and canceling all the next steps if said buyer disagrees with the suggested changes;
i) evaluating actual preferences of the sellers of said second list of items on the basis of interactive contacts with them over the Internet and defining the admissible negotiation domains;
j) organizing the processes of simultaneous interactive negotiations at said negotiation domains between said buyer and each of said sellers from the said step i) on the basis of information derived at said steps a) ii) and formulating suggestions which can constitute the basis of a compromise for the each pair of buyer/seller;
k) generating the third list of the items for which the compromises between said buyer and any one of said sellers were agreed upon by both of them, designating the final item from said third list for which the result of said step j) is best for said buyer and obtaining said buyer'"'"'s approval for finalizing the transaction;
l) in the case when said third list contains no items recurrent returning to the step a) with the suggestion for said buyer to change said preferences with the goal to enlarge said search domain and canceling all procedure if said buyer disagrees with the suggested changes;
m) generating all necessary legal documents and organizing the processes of due diligence and legal closing;
n) recurrent returning to the next item from said third list on said step k) if said step m) had been finished unsuccessfully and said process of due diligence had failed;
o) in the case when said third list contains no more items recurrent returning to step a) with the suggestion for said buyer to change said preferences with the goal to enlarge said search domain and canceling all procedure if said buyer disagrees with the suggested changes. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20)
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21. A computer-based system for implementing a business transaction over the Internet, that involves search, negotiation and legal closing using publicly available databases, information about participant'"'"'s actual preferences and the statistical models of the market situation, said system comprising:
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a potential buyer'"'"'s computer terminal with its communication means;
a plurality of said publicly available databases hosted over the Internet with its communication means;
a plurality of potential sellers'"'"' computer terminals with its communication means;
a plurality of due diligence agents'"'"' computer terminals with its communication means;
a central operating block with its communication means, said central operating block comprising;
i) a utility evaluation unit, that is having possibilities through said communication means of said central operating block to contact interactively said potential buyer'"'"'s computer terminal, said plurality of potential sellers'"'"' computer terminals, and is programmed for evaluating actual preferences of said potential buyer, the plurality of preferences for said plurality of potential sellers and also the admissible search and negotiation domains;
ii) a search unit, that is coupled to said utility evaluation unit, and is having possibilities through said communication means of said central operating block to contact interactively said plurality of publicly available databases hosted over the Internet, and is programmed for searching said databases and for generating the first list of admissible items in accordance with said actual preferences of said potential buyer;
iii) a market analysis unit, that is coupled with said search unit, and having possibilities through said communication means of said central operating block to contact interactively said plurality of publicly available databases hosted over the Internet, and is programmed for creating the statistical model of the market situation and tendencies at the market domain at the proximity of the first list of items, for redefining the admissible search domain and recurrent return to the search of the admissible items, if necessary, and for eliminating items from the first list, which are situated in contradiction with main market tendencies, thus generating the second shorter list of negotiable items;
iv) a negotiation unit, that is coupled with said market analysis unit, and is having possibilities through said communication means of said central operating block to contact interactively said potential buyer'"'"'s computer terminal and said plurality of potential sellers'"'"' computer terminals, and is programmed for organizing the processes of simultaneous interactive negotiations between said buyer and each of said sellers of the items of said second list at said negotiation domains, for formulating suggestions which can constitute the basis of a compromise, for generating the third list of the items, for which a compromise between said buyer and said seller were agreed upon by both of them, for designating the final item from said third list, for which the result of negotiations is best for said buyer, and for obtaining said buyer'"'"'s approval for finalizing the transaction;
v) a due diligence unit, that is coupled with said negotiation unit, and is having possibilities through said communication means of said central operating block to contact interactively said plurality of due diligence agents'"'"' computer terminals, and is programmed for generating all necessary legal documents and for organizing the processes of due diligence and legal closing through interactive connections between said buyer, said seller of said final item and said plurality of due diligence agents;
vi) a first correction unit, that is coupled with said search unit, and is having possibilities through said communication means of said central operating block to contact interactively said potential buyer'"'"'s computer terminal and is programmed for suggesting to change said buyer'"'"'s preferences with the goal to enlarge said admissible radius of the search domain in the case, when said first list contains no items, and for canceling all the next steps if said buyer disagrees with suggested changes;
vii) a second correction unit, that is coupled with said market analysis unit, and is having possibilities through said communication means of said central operating block to contact interactively said potential buyer'"'"'s computer terminal, and is programmed for informing said buyer about marginal prices of the items'"'"' parameters from said first list and about marginal prices of the contract parameters of the items from said first list, and for suggesting to change said buyer'"'"'s preferences with the goal to enlarge said admissible radius of the search domain, and for canceling all the next steps if said buyer disagrees with suggested changes;
viii) a third correction unit, that is coupled with said market analysis unit, and is programmed for suggesting to change said buyer'"'"'s preferences with the goal to enlarge said admissible radius of the search domain in the case, when said second list contains no items, and for canceling all the next steps if said buyer disagrees with the suggested changes;
ix) a fourth correction unit, that is coupled with said negotiation unit, and is programmed for suggesting to change said buyer'"'"'s preferences with the goal to enlarge said admissible radius of the search domain, if said negotiation unit functioned unsuccessfully and third list contains any items, and for canceling all the next steps if said buyer disagrees with the suggested changes;
x) a fifth correction unit, that is coupled with said due diligence unit, and is programmed for recurrent return to the next item from said third list, having been generated by said negotiation unit, if said due diligence unit functioned unsuccessfully and process of due diligence failed. - View Dependent Claims (22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40)
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Specification