Method And Apparatus For Pricing A Commodity
First Claim
1. A computer-implemented method of pricing a commodity comprising:
- (a) selecting a predetermined market factor from a predetermined time factor, a predetermined price factor, a predetermined trend factor, a predetermined market status factor, and a predetermined market control factor;
(b) determining at a first time during a pricing period a first market condition from a first time condition, a first price condition, a first trend condition, a first market status condition, and a first market control condition;
(c) providing a formula capable of comparing said predetermined market factor to said first market condition to determine the existence of a favorable pricing condition for a first portion of the commodity;
(d) applying said formula with a computer to said predetermined market factor and said first market condition during the pricing period to determine whether or not a first favorable pricing condition exists;
(e) pricing a first portion of the commodity at a market price established by a market for the commodity, when said application of said formula to said predetermined market factor and said first market condition indicates the existence of said first favorable pricing condition;
(f) determining at a second time during the pricing period a second market condition selected from a second time condition, a second price condition, a second trend condition, a second market status condition and a second market control condition;
(g) applying said formula with a computer to said predetermined market factor and said second market condition to determine the existence of a second favorable pricing condition; and
(h) pricing a second portion of the commodity at a market price established by a market for the commodity, when said application of said formula to said predetermined market factor and said second market condition indicates the existence of said second favorable pricing condition.
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Accused Products
Abstract
A method of pricing a commodity involving selecting a predetermined market factor, determining at a first time period a first market condition, and providing a formula capable of comparing a predetermined market factor to a market condition to determine the existence of a favorable pricing condition. The method prices a first portion of the commodity when the application of the formula to the predetermined market factor and the first market condition indicates the existence of a first favorable pricing condition. The method prices a second portion of the commodity when the application of the formula to the predetermined market factor and a second market condition indicates the existence of a second favorable pricing condition.
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Citations
20 Claims
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1. A computer-implemented method of pricing a commodity comprising:
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(a) selecting a predetermined market factor from a predetermined time factor, a predetermined price factor, a predetermined trend factor, a predetermined market status factor, and a predetermined market control factor;
(b) determining at a first time during a pricing period a first market condition from a first time condition, a first price condition, a first trend condition, a first market status condition, and a first market control condition;
(c) providing a formula capable of comparing said predetermined market factor to said first market condition to determine the existence of a favorable pricing condition for a first portion of the commodity;
(d) applying said formula with a computer to said predetermined market factor and said first market condition during the pricing period to determine whether or not a first favorable pricing condition exists;
(e) pricing a first portion of the commodity at a market price established by a market for the commodity, when said application of said formula to said predetermined market factor and said first market condition indicates the existence of said first favorable pricing condition;
(f) determining at a second time during the pricing period a second market condition selected from a second time condition, a second price condition, a second trend condition, a second market status condition and a second market control condition;
(g) applying said formula with a computer to said predetermined market factor and said second market condition to determine the existence of a second favorable pricing condition; and
(h) pricing a second portion of the commodity at a market price established by a market for the commodity, when said application of said formula to said predetermined market factor and said second market condition indicates the existence of said second favorable pricing condition. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13)
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14. A computer-implemented method of pricing a commodity comprising:
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(a) providing a computer having a database;
(b) receiving from a supplier of the commodity information relating to a specific type and quantity of the commodity which said supplier is willing to supply;
(c) receiving from said supplier a selection of a predetermined market factor from a predetermined time factor, a predetermined price factor, a predetermined trend factor, a predetermined market status factor and a predetermined market control factor;
(d) determining at a plurality of times during a pricing period, related market conditions from a related time condition, a related price condition, a related market status condition and a related market control condition;
(e) providing a formula capable of comparing said predetermined market factor to said related market conditions to determine the existence of favorable pricing conditions for portions of the commodity;
(f) applying with a computer said formula to said predetermined market factor and said related market conditions during the pricing period to determine the existence of said favorable pricing conditions;
(g) automatically pricing said portions of the commodity at a market price established by a market for the commodity, when said application of said formula to said predetermined market factor and said related market conditions indicates the existence of said favorable pricing conditions. - View Dependent Claims (15, 16, 17, 18, 19)
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20. A system for contracting for the pricing of a commodity over a network comprising:
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(a) a server;
(b) a remote terminal;
(c) a communication link between said server and said remote terminal;
(d) means coupled to said server for receiving from a supplier, across said communication link, information relating to a specific type and quantity of the commodity;
(e) a predetermined market factor selected from a predetermined time factor, a predetermined price factor, a predetermined trend factor, a predetermined market status factor and a predetermined market control factor;
(f) means for determining at a plurality of times during a pricing period, related market conditions selected from a related time condition, a related price condition, a related market status condition and a predetermined market control condition;
(g) a formula capable of comparing said predetermined market factor to said related market conditions to determiner the existence of favorable pricing conditions for portions of the commodity;
(h) means for applying said formula to said predetermined market factor and said related market conditions to determine the existence of said favorable pricing conditions during the pricing period; and
(i) means for pricing said portions of the commodity at a market price established by a market for the commodity, when said application of said formula to said predetermined market factor and said related market conditions indicates the existence of said favorable pricing conditions.
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Specification