SYSTEM AND METHOD FOR AN EFFICIENT DYNAMIC MULTI-UNIT AUCTION

• US 20070124233A1
• Filed: 01/12/2007
• Published: 05/31/2007
• Est. Priority Date: 05/18/2000
• Status: Active Grant

• Current Assignee: Efficient Auctions, LLC
• Original Assignee: Efficient Auctions, LLC
• Inventors: Ausubel, Lawrence
• Granted Patent: US 7,467,111 B2
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 30/0212 Chance discounts or incentives
• CPC Class Codes: G06Q 30/0235 constrained by time limit or expiration date
• CPC Class Codes: G06Q 30/0239 Online discounts or incentives
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 50/188 Electronic negotiation

Abstract

The present invention implements an auction in which multiple types of goods may be auctioned in a dynamic process. In a preferred embodiment, the present invention is a system and method for a computer implemented dynamic multi-unit auction in which the price paid or received by bidders tends to be independent of their own bids, in which participants may be provided with information concerning their competitors'"'"' bids as the auction progresses, and in which the confidentiality of high values may be maintained. Participants'"'"' quantities bid at a given time may be restricted to be less than or equal to the quantities bid at an earlier time. These features provide the advantage of improving economic efficiency of the auction design over the prior art.

Claims

1. A method useful in applying a constraint in a clock auction of two or more types of items, at least one of said types of items including plural items, comprising the steps of:

conveying price-related information, including a price for each said type of item within a group of two or more said types of items, to at least one bidder,

receiving bid-related information, including a quantity for each said type of item within said group of types of items, from said bidder, and

applying a constraint to the bid-related information to require that a sum of the quantities over said group of types of items is no greater than a sum of the quantities over said group of types of items contained in bid-related information received from said bidder at an earlier time in the clock auction.

2. A method as recited in claim 1 wherein the group of types of items is all of the types of items in the auction.

3. A method as recited in claim 1 wherein the group of types of items is smaller than all of the types of items in the auction.

4. A method useful in applying a constraint in a clock auction of two or more types of items, at least one of said types of items including plural items, comprising the steps of:

conveying price-related information, including a price for each said type of item within a group of two or more said types of items, to at least one bidder,

receiving bid-related information, including a quantity for each said type of item within said group of types of items, from said bidder, and

applying a constraint to the bid-related information to require that a sum of the quantities over said group of types of items is no greater than a sum of the quantities over said group of types of items contained in bid-related information received from said bidder associated with lower prices in the clock auction.

5. A method as recited in claim 4 wherein the group of types of items is all of the types of items in the auction.

6. A method as recited in claim 4 wherein the group of types of items is smaller than all of the types of items in the auction.

7. A method useful in applying a constraint in a clock auction of two or more types of items, at least one of said types of items including plural items, comprising the steps of:

conveying price-related information, including a price for each said type of item within a group of two or more said types of items, to at least one bidder,

receiving bid-related information, including a quantity for each said type of item within said group of types of items, from said bidder, and

applying a constraint to the bid-related information to require that a sum of the quantities over said group of types of items is no greater than a sum of the quantities over said group of types of items contained in bid-related information received from said bidder associated with higher prices in the clock auction.

8. A method as recited in claim 7 wherein the group of types of items is all of the types of items in the auction.

9. A method as recited in claim 7 wherein the group of types of items is smaller than all of the types of items in the auction.

10. A computer system for implementing a clock auction employing a constraint in an auction of two or more types of items, at least one of said types of items including plural items, said system comprising:

means for conveying price-related information, including a price for each said type of item within a group of two or more said types of items, to at least one bidder,

means for receiving bid-related information, including a quantity for each said type of item within said group of types of items, from said bidder, and

means for applying a constraint to the bid-related information to require that a sum of the quantities over said group of types of items is no greater than a sum of the quantities over said group of types of items contained in bid-related information received from said bidder at an earlier time in the clock auction.

11. A system as recited in claim 10 wherein the group of types of items is all of the types of items in the auction.

12. A system as recited in claim 10 wherein the group of types of items is smaller than all of the types of items in the auction.

13. A computer system for implementing a clock auction for employing a constraint in an auction of two or more types of items, at least one of said types of items including plural items, the computer system for:

conveying price-related information, including a price for each said type of item within a group of two or more said types of items, to at least one bidder,

receiving bid-related information, including a quantity for each said type of item within said group of types of items, from said bidder, and

applying a constraint to the bid-related information to require that a sum of the quantities over said group of types of items is no greater than a sum of the quantities over said group of types of items contained in bid-related information received from said bidder associated with lower prices in the clock auction.

14. A system as recited in claim 13 wherein the group of types of items is all of the types of items in the auction.

15. A system as recited in claim 13 wherein the group of types of items is smaller than all of the types of items in the auction.

16. A computer system for implementing a clock auction employing a constraint in a clock auction of two or more types of items, at least one of said types of items including plural items, the computer system comprising:

means for conveying price-related information, including a price for each said type of item within a group of two or more said types of items, to at least one bidder,

means for receiving bid-related information, including a quantity for each said type of item within said group of types of items, from said bidder, and

means for applying a constraint to the bid-related information to require that a sum of the quantities over said group of types of items is no greater than a sum of the quantities over said group of types of items contained in bid-related information received from said bidder associated with higher prices in the clock auction.

17. A system as recited in claim 16 wherein the group of types of items is all of the types of items in the auction.

18. A system as recited in claim 16 wherein the group of types of items is smaller than all of the types of items in the auction.