Truth revealing market equilibrium
First Claim
1. A method performable by a computing system for setting a market price, the method comprising:
- determining a number of items to be sold at the market price;
creating a pseudo commodity including a number of pseudo items assignable to bids below the market price;
receiving a plurality of bids for the items; and
using the number of items to be sold and the number of pseudo items as a supply side and the plurality of bids as the demand side, determining a market clearing price usable in setting the market price.
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Accused Products
Abstract
To use market clearing methods to determine market equilibrium, a market clearing situation is established by determining a number of items to be sold at the market price and allotting a number of pseudo items assignable to bids below the market price. Once bids are received for the items, using the number of pseudo items and the actual items as the supply side, and the total funds bid as the demand side, a market clearing price is determinable using a market clearing equilibrium model. Funds assigned to pseudo items are returned or not charged. Further, by selling items only to bids exceeding the market clearing price, such as by setting the market price incrementally above the market clearing price, bidders are encouraged to submit bid prices bid reflecting what the items are worth to them instead of attempting to bid strategically to guess or set the market price.
50 Citations
20 Claims
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1. A method performable by a computing system for setting a market price, the method comprising:
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determining a number of items to be sold at the market price;
creating a pseudo commodity including a number of pseudo items assignable to bids below the market price;
receiving a plurality of bids for the items; and
using the number of items to be sold and the number of pseudo items as a supply side and the plurality of bids as the demand side, determining a market clearing price usable in setting the market price. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A method performable by a computing system for setting a market price for an auction of a number of advertising opportunities, each of the advertising opportunities being presentable on a number of pages and operable to present a selectable advertisement, comprising:
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creating an unspent money slot including a number of pseudo items assignable to bids below the market price;
receiving a plurality of bids for the advertising opportunities, each of the bids including a bid price and an auction budget;
using the number of advertising opportunities and the number of pseudo items as a supply side and the plurality of bids as the demand side, determining a market clearing price usable in setting the market price;
setting the market price to one of the market clearing price and a value greater than the market clearing price;
assigning each of the number of advertising opportunities to each of the bids at least equivalent to the market price;
assigning each of the number of pseudo items to each of bids less than the market price; and
one of not charging and refunding each of a plurality of bidders submitting each of the bids to which each of the number of pseudo items is assigned. - View Dependent Claims (13, 14, 15, 16, 17, 18, 19)
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20. A system for setting a market price, the system comprising one or more computers programmed to perform actions comprising:
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determining a number of items to be sold at the market price;
creating a pseudo commodity including a number of pseudo items assignable to bids below the market price;
receiving a plurality of bids for the items;
using the number of items to be sold and the number of pseudo items as a supply side and the plurality of bids as the demand side, determining a market clearing price usable in setting the market price;
setting the market price to one of equal to or greater than the market clearing price;
assigning each of the number of items to each of the bids at least equivalent to the market price;
assigning each of the number of pseudo items to each of bids less than the market price; and
one of not charging and refunding each of a plurality of bidders submitting each of the bids to which each of the number of pseudo items is assigned.
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Specification