System and Method for an Auction of Multiple Types of Items
First Claim
1. A computer system for conducting a dynamic auction of a plurality of items among a plurality of bidders, wherein bids are received by the computer system and a relationship is maintained among prices for the items, said system comprising:
- means for receiving bids from at least one bidder, each of said bids including at least an indicator of at least one of the items;
means for determining whether the auction should continue, based on the received bids;
means for establishing updated prices, wherein a relationship is maintained among the prices for at least two of the items, following a determination that the auction should continue; and
means for outputting the updated prices.
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Abstract
An improved system and method for a computer-implemented auction in which multiple types of items are auctioned together without imposing a particular division of supply or demand among the individual types of items. In some embodiments the auction of the present invention provides a means or method for establishing prices for the types of items, wherein the prices maintain a relationship. In other embodiments, the present invention provides a means or method for implying prices from price parameters in the bids received form bidders, based on a relation among the prices for the types of items. Market clearing may be defined by the condition that the aggregate quantity bid for all types of items is less than or equal to the available quantity of all types of items. The division among the types of items within is thus determined flexibly, based on the bids at the associated prices. In other embodiments, market clearing is defined by the condition that the quantity bid for one selected type of item is less than or equal to the available quantity of the selected type of item. The quantities of the other types of items are thus determined flexibly, based on the bids at the associated prices.
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Citations
48 Claims
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1. A computer system for conducting a dynamic auction of a plurality of items among a plurality of bidders, wherein bids are received by the computer system and a relationship is maintained among prices for the items, said system comprising:
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means for receiving bids from at least one bidder, each of said bids including at least an indicator of at least one of the items; means for determining whether the auction should continue, based on the received bids; means for establishing updated prices, wherein a relationship is maintained among the prices for at least two of the items, following a determination that the auction should continue; and means for outputting the updated prices. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16)
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17. A method implemented in a system, said system comprising a first computer and at least one other computer which is located remotely from the first computer and interconnected by a communication system, for conducting a dynamic auction of a plurality of items among a plurality of bidders, wherein bids are received by the computer system and a relationship is maintained among prices for the items, said method comprising:
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a) establishing prices for the items, wherein a relationship is maintained among the prices for at least two of the items; b) outputting the established prices; c) receiving bids from at least one bidder using the at least one other computer, each of said bids including at least an indicator of at least one of the items; d) determining whether the auction should continue, based on the received bids, using the first computer; and e) repeating a)-d), following a determination that the auction should continue wherein the established prices for the items, following a determination, include at least one price which differs from a price established prior to the determination. - View Dependent Claims (18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32)
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33. A computer readable medium storing a sequence of instructions which, when executed on a system comprising a first computer and at least one other computer which is located remotely from the first computer and interconnected by a communication system, implements a method for conducting a dynamic auction of a plurality of items among a plurality of bidders, wherein bids are received by the system and a relationship is maintained among prices for the items, said method comprising:
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a) establishing prices for the items, wherein a relationship is maintained among the prices for at least two of the items; b) outputting the established prices; c) receiving bids from at least one bidder using the at least one other computer, each of said bids including at least an indicator of at least one of the items; d) determining whether the auction should continue, based on the received bids, using the first computer; and e) repeating a)-d), following a determination that the auction should continue wherein the established prices for the items, following a determination, include at least one price which differs from a price established prior to the determination. - View Dependent Claims (34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48)
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Specification