SYSTEM AND METHOD FOR A HYBRID CLOCK AND PROXY AUCTION
First Claim
1. A system, including a first set of one or more computers and a second set of one or more computers, the computers of the second set located remotely from the computers of the first set, the computers of said system interconnected by a communication system, said system for determining an allocation of a plurality of items to a plurality of bidders in an auction wherein bids are received at the first set of computers and an allocation of the items to the bidders is determined at the second set of computers, said system comprising:
- a) means for conveying prices for the items to the first set of computers;
b) means for receiving at least one bid from at least one bidder at the first set of computers, said bid comprising an indicator of quantity for at least one of the items at the conveyed price;
c) means for conveying updated prices for the items to the first set of computers;
d) means for receiving at least one further bid from at least one bidder at the first set of computers, said bid comprising an indicator of quantity for at least one of the items at the conveyed updated price; and
e) means for determining an allocation of the items at the second set of computers based on selecting a combination of received bids that optimizes revenues subject to a constraint that the selected combination of received bids is feasible.
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Abstract
This invention defines a computer system for conducting an auction of a plurality of items including receiving bids and determining an allocation of at least one of the items, the auction including a dynamic auction phase followed by a later phase.
19 Citations
45 Claims
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1. A system, including a first set of one or more computers and a second set of one or more computers, the computers of the second set located remotely from the computers of the first set, the computers of said system interconnected by a communication system, said system for determining an allocation of a plurality of items to a plurality of bidders in an auction wherein bids are received at the first set of computers and an allocation of the items to the bidders is determined at the second set of computers, said system comprising:
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a) means for conveying prices for the items to the first set of computers; b) means for receiving at least one bid from at least one bidder at the first set of computers, said bid comprising an indicator of quantity for at least one of the items at the conveyed price; c) means for conveying updated prices for the items to the first set of computers; d) means for receiving at least one further bid from at least one bidder at the first set of computers, said bid comprising an indicator of quantity for at least one of the items at the conveyed updated price; and e) means for determining an allocation of the items at the second set of computers based on selecting a combination of received bids that optimizes revenues subject to a constraint that the selected combination of received bids is feasible. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15)
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16. A method implemented in a system comprising a first set of one or more computers and a second set of one or more computers, the computers of the second set located remotely from the computers of the first set, the computers of said system interconnected by a communication system, said method for determining an allocation of a plurality of items to a plurality of bidders in an auction wherein bids are received at the first set of computers and an allocation of the items to the bidders is determined at the second set of computers, said method comprising:
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a) conveying prices for the items to the first set of computers; b) receiving at least one bid from at least one bidder at the first set of computers, said bid comprising an indicator of quantity for at least one of the items at the conveyed price; c) conveying updated prices for the items to the first set of computers; d) receiving at least one further bid from at least one bidder at the first set of computers, said bid comprising an indicator of quantity for at least one of the items at the conveyed updated price; and e) determining an allocation of the items at the second set of computers based on selecting a combination of received bids that optimizes revenues subject to a constraint that the selected combination of received bids is feasible. - View Dependent Claims (17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30)
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31. A computer readable medium storing a plurality of instructions which, when executed in a system comprising a first set of one or more computers and a second set of one or more computers, the computers of the second set located remotely from the computers of the first set, the computers of said system interconnected by a communication system, implements a method for determining an allocation of a plurality of items to a plurality of bidders in an auction wherein bids are received at the first set of computers and an allocation of the items to the bidders is determined at the second set of computers, said method comprising:
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a) conveying prices for the items to the first set of computers; b) receiving at least one bid from at least one bidder at the first set of computers, said bid comprising an indicator of quantity for at least one of the items at the conveyed price; c) conveying updated prices for the items to the first set of computers; d) receiving at least one further bid from at least one bidder at the first set of computers, said bid comprising an indicator of quantity for at least one of the items at the conveyed updated price; and e) determining an allocation of the items at the second set of computers based on selecting a combination of received bids that optimizes revenues subject to a constraint that the selected combination of received bids is feasible. - View Dependent Claims (32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45)
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Specification