SYSTEM AND METHOD FOR USING ASSET PROFILE INFORMATION IN CONNECTION WITH AN ONLINE AUCTION IN ORDER TO DETERMINE AUCTION OUTCOME AND/OR PRICING

• US 20140279162A1
• Filed: 03/15/2014
• Published: 09/18/2014
• Est. Priority Date: 03/15/2013
• Status: Abandoned Application

• Current Assignee: Ten-X, LLC
• Original Assignee: Ten-X, LLC
• Inventors: Gladis, Todd, Dedhia, Harshal, Hitchens, Sheridan
• Application Number:
  US14/214,681
• Publication Number:
  US 20140279162A1
• Time in Patent Office: Days
• US Class Current: 705/26.3
• CPC Class Codes: G06Q 10/04 Forecasting or optimisation specially adapted for administrative or management purposes, e.g. linear programming or "cutting stock problem" market predictions or forecasting for commercial activities G06Q30/0202
• CPC Class Codes: G06Q 30/0202 Market predictions or forecasting for commercial activities
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 30/0641 Shopping interfaces
• CPC Class Codes: G06Q 30/08 Auctions

Abstract

An auction is conducted for an online auction environment. A set of characteristics are determined for a given asset of the auction, and asset profile information is determined for the given asset based on the set of characteristics. In particular, the asset profile information can be determined from one or more prior auctions provided at the online auction environment. The asset profile information can be based on one or more corresponding assets, each of which are deemed to be comparable to the given asset based on the one or more corresponding assets each having a set of characteristics that are similar to the set of characteristics of the given asset of the auction. A prediction is made as to whether the auction of the given asset will be successful based at least in part on the asset profile information.

Claims

1. A method for conducting an auction in an online auction forum, the method being implemented by one or more processors and comprising:

(a) determining a set of characteristics of a given asset of an auction;

(b) determining asset profile information for the given asset from one or more prior auctions provided at the online auction forum, the asset profile information being based on one or more corresponding assets, each of which are deemed to be comparable to the given asset based on the one or more corresponding assets each having a corresponding set of characteristics that are similar to the set of characteristics of the given asset; and

(c) predicting whether the auction of the given asset will be successful based at least in part on the asset profile information.

2. The method of claim 1, wherein (c) is based at least in part on a reserve price of the auction.

3. The method of claim 1, wherein (b) includes determining one or more categories and one or more subcategories of the given asset, wherein the one or more corresponding assets have the one or more categories and the one or more subcategories of the given asset.

4. The method of claim 1, wherein the given asset corresponds to a real-property asset, and wherein (b) includes determining comparable real-property assets that have previously been auctioned.

5. The method of claim 1, further comprising determining a profile of one or more bidders of the auction, and wherein (c) is based at least in part on the profile of the one or more bidders.

6. The method of claim 5, wherein determining the profile of the one or more bidders includes determining prior bidding activity of each of the one or more bidders.

7. The method of claim 1, wherein (c) includes determining a probability as to whether the auction will be successful for each of one or more reserve prices.

8. A method for conducting an auction in an online auction forum, the method being implemented by one or more processors and comprising:

(a) determining a set of characteristics of a given asset of an auction;

(b) determining asset profile information for the given asset from one or more prior auctions provided at the online auction forum in which a corresponding asset was is deemed comparable to the given asset based on the corresponding asset having a set of characteristics that are similar to the set of characteristics of the given asset;

(c) determining a reserve price of the auction based at least in part on the asset profile information.

9. The method of claim 8, wherein (c) includes programmatically selecting a reserve price for the seller based at least in part on the asset profile information.

10. The method of claim 8, wherein (c) includes determining one or more probabilities for the auction of the given asset being successful with each of one or more reserve prices, wherein determining the one or more probabilities is based at least in part on the asset profile information.

11. The method of claim 8, wherein (c) includes generating a recommendation for the seller to reduce the reserve price while the auction is ongoing.

12. The method of claim 8, wherein (b) includes determining one or more categories and one or more subcategories of the given asset, wherein the one or more corresponding assets have the one or more categories and the one or more subcategories of the given asset.

13. The method of claim 8, wherein the given asset corresponds to a real-property asset, and wherein (b) includes determining comparable real-property assets that have previously been auctioned.

14. A non-transitory computer-readable medium for conducting an auction in an online auction forum, the non-transitory computer-readable medium including instructions that, when executed by one or more processors, cause a computing system of the one or more processors to perform operations that include:

(a) determine a set of characteristics of a given asset of an auction;

(b) determine an asset profile information for the given asset from one or more prior auctions provided at the online auction forum, the asset profile information being based on one or more corresponding assets, each of which are deemed comparable to the given asset based on the one or more corresponding assets each having a corresponding set of characteristics that are similar to the set of characteristics of the given asset; and

(c) predict whether the auction of the given asset will be successful based at least in part on the asset profile information.

15. The non-transitory computer-readable medium of claim 14, wherein (c) is based at least in part on a reserve price of the auction.

16. The non-transitory computer-readable medium of claim 14, wherein (b) includes instructions for determining one or more categories and one or more subcategories of the given asset, wherein the one or more corresponding assets have the one or more categories and the one or more subcategories of the given asset.

17. The non-transitory computer-readable medium of claim 14, wherein the given asset corresponds to a real-property asset, and wherein (b) includes instructions for determining comparable real-property assets that have previously been auctioned.

18. The non-transitory computer-readable medium of claim 14, further comprising determining a profile of one or more bidders of the auction, and wherein instructions for performing (c) is based at least in part on the profile of the one or more bidders.

19. The non-transitory computer-readable medium of claim 18, wherein instructions for determining the profile of the one or more bidders includes instructions for determining prior bidding activity of each of the one or more bidders.

20. The non-transitory computer-readable medium of claim 14, wherein (c) includes instructions for determining a probability as to whether the auction will be successful for each of one or more reserve prices.