System and method for managing tier-priced commodity transactions
First Claim
1. A method for managing the sale of a tier-priced commodity comprising:
- a. displaying to a first bidder a first price for a commodity and a first insurance instrument to indemnify said first bidder against loss associated with at least one risk related to the purchase of said commodity;
b. displaying to a second bidder a second price for said commodity and a second insurance instrument designed to indemnify said second bidder against loss associated with at least one risk associated with the purchase of said commodity;
c. receiving bids for said commodity and said respective insurance instrument from said first bidder and said second bidder;
d. determining, via a processor, which of the first and second bidders exceeds their respective first and second prices by a greater amount; and
e. selling said commodity and transferring a right to collect against said first insurance instrument to said first bidder if said first bidder exceeds said first price by a greater amount than said second bidder exceeds said second price or selling said commodity and transferring a right to collect against said second insurance instrument to said second bidder if said second bidder exceeds said second price by a greater amount than said first bidder exceeds said first price.
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Accused Products
Abstract
In an embodiment, a method of operating a processor coupled to a network to manage the sale of a commodity is comprises providing bidders with respective prices for bundled products. Each bundled product comprises a commodity and a respective insurance instrument to indemnify against loss associated with at least one risk related to the purchase of the commodity by each respective bidder. The prices are provided to the bidders from the processor, over a network. Bids are received by the processor, which determines which of the bidders exceeds their respective prices by a greater amount. The bundled product may be sold to that bidder by the processor. The price of each insurance instrument may depend, at least in part, on one or more factors associated with each bidder. Different prices may therefore be provided to different bidders for respective bundled products. Systems are described as well.
70 Citations
10 Claims
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1. A method for managing the sale of a tier-priced commodity comprising:
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a. displaying to a first bidder a first price for a commodity and a first insurance instrument to indemnify said first bidder against loss associated with at least one risk related to the purchase of said commodity;
b. displaying to a second bidder a second price for said commodity and a second insurance instrument designed to indemnify said second bidder against loss associated with at least one risk associated with the purchase of said commodity;
c. receiving bids for said commodity and said respective insurance instrument from said first bidder and said second bidder;
d. determining, via a processor, which of the first and second bidders exceeds their respective first and second prices by a greater amount; and
e. selling said commodity and transferring a right to collect against said first insurance instrument to said first bidder if said first bidder exceeds said first price by a greater amount than said second bidder exceeds said second price or selling said commodity and transferring a right to collect against said second insurance instrument to said second bidder if said second bidder exceeds said second price by a greater amount than said first bidder exceeds said first price. - View Dependent Claims (2, 3, 4, 5)
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6. A method for managing the sale of a tier-priced commodity, comprising:
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a. displaying to a first bidder a first price for a first bundled product comprising a commodity and a first insurance instrument to indemnify said first bidder against loss associated with at least one risk related to the purchase of said commodity;
b. displaying to a second bidder a second price for a second bundled commodity comprising said commodity and a second insurance instrument designed to indemnify said second bidder against loss associated with at least one risk associated with the purchase of said commodity;
c. receiving bids for said first bundled product from said first bidder and for said second bundled product from said second bidder;
d. determining, via a processor, which of the first and second bidders exceeds their respective first and second prices by a greater amount; and
e. selling said first bundled product to said first bidder if said first bidder exceeds said first price by a greater amount than said second bidder exceeds said second price or selling said second bundled product to said second bidder if said second bidder exceeds said second price by a greater amount than said first bidder exceeds said first price. - View Dependent Claims (7, 8, 9, 10)
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Specification