System and method for an efficient dynamic multi-unit auction
First Claim
1. A method for conducting an auction of at least two types of items, each of the types of items including plural items, the method comprising:
- a. communicating a price vector, including a price for each of the types of items subject to the auction, to a plurality of bidders,b. receiving, bids from plural bidders wherein at least some of said bids identify quantities of items of different types,c. determining, based on the received bids, whether the auction should continue, and in the event that the auction will continue,d. sending to one or more bidders a revised price vector,e. receiving, further bids from plural bidders in response to the revised price vector and, in response to the further bids,f. crediting at least one item of a particular type with a particular bidder at a price in a closed interval between the price contained in the price vector and the price contained in the revised price vector.
1 Assignment
0 Petitions
Accused Products
Abstract
The present invention implements an auction in which multiple types of goods may be auctioned in a dynamic process. In a preferred embodiment, the present invention is a system and method for a computer implemented dynamic multi-unit auction in which the price paid or received by bidders tends to be independent of their own bids, in which participants may be provided with information concerning their competitors'"'"' bids as the auction progresses, and in which the confidentiality of high values may be maintained. Participants'"'"' quantities bid at a given time may be restricted to be less than or equal to the quantities bid at an earlier time. These features provide the advantage of improving economic efficiency of the auction design over the prior art.
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Citations
80 Claims
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1. A method for conducting an auction of at least two types of items, each of the types of items including plural items, the method comprising:
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a. communicating a price vector, including a price for each of the types of items subject to the auction, to a plurality of bidders, b. receiving, bids from plural bidders wherein at least some of said bids identify quantities of items of different types, c. determining, based on the received bids, whether the auction should continue, and in the event that the auction will continue, d. sending to one or more bidders a revised price vector, e. receiving, further bids from plural bidders in response to the revised price vector and, in response to the further bids, f. crediting at least one item of a particular type with a particular bidder at a price in a closed interval between the price contained in the price vector and the price contained in the revised price vector. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A method for conducting an auction of at least two types of items, each of the types of items including plural items, the method comprising:
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a. communicating a price vector, including a price for each of the types of items subject to the auction, to a plurality of bidders, b. receiving, bids from plural bidders wherein at least some of said bids identify quantities of items of different types, c. determining, based on the received bids, whether the auction should continue, and in the event that the auction will continue, d. sending to one or more bidders a revised price vector, e. receiving, further bids from plural bidders in response to the revised price vector and, in response to the further bids, and f. selecting a particular bidder and determining, for a selected one of the types of items, whether the sum of the bids of other bidders is different in the further bids than in the received bids, and if it is, crediting the bidder wit a number of the selected type of items equal to the change in the sum of the bids of other bidders at a price in a closed interval between the price contained in the price vector and the price contained in the revised price vector. - View Dependent Claims (13, 14, 15, 16, 17)
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18. A method for conducting an auction of at least two types of items, each type of the items including plural items, the method comprising:
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a. communicating a price vector, including a price for each of the types of items subject to the auction, to a plurality of bidders, b. receiving, bids from plural bidders wherein at least some of said bids identify quantities of items of different types, c. determining, based on the received bids, whether the auction should continue, and in the event that the auction will continue, d. sending to one or more bidders a revised price vector, e. receiving, further bids from plural bidders in response to the revised price vector and, in response to the further bids, and f. crediting, to a bidder at least one of those items, the bids for which exhibited, in the bids of bidders other than the bidder, a cumulative decrease in the further bids relative to the bids. - View Dependent Claims (19, 20, 21, 22, 23)
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24. A method for conducting an auction of at least two types of items, each of the types of items including plural items, the method comprising:
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a. communicating a price vector, including a price for each of the types of items subject to the auction, to a plurality of bidders, b. receiving, bids from plural bidders wherein at least some of said bids identify quantifies of different types of items, c. determining, based on the received bids, whether the auction should continue, and in the event that the auction will continue, d. sending to one or more bidders a revised price vector, e. receiving, further bids from plural bidders in response to the revised price vector and, in response to the further bids, f. crediting, to a selected bidder at least one of those items, the bids for which exhibited, in bids of bidders other than the selected bidder, a cumulative decrease in the further bids relative to the bids to establish an item credit and, g. reducing the item credit in the event bids, by bidders other than the selected bidder, show a cumulative increase in bids for that item after the item credit is established. - View Dependent Claims (25, 26, 27, 28, 29)
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30. A method for conducting an auction of at least two types of items, each type of the items including plural items, the method comprising:
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a. communicating a price vector, including a price for each of the types of items subject to the auction, to a plurality of bidders, b. receiving, bids from plural bidders wherein at least some of said bids identify quantities of items of different types. c. determining, based on the received bids, whether the auction should continue, and in the event that the auction will continue, d. sending to one or more bidders a revised price vector, and e. limiting any further bid from a bidder so that the sum of the number of items contained in a bid is less than or equal to the sum of the number of items contained in a bid submitted in the past. - View Dependent Claims (31, 32, 33, 34, 35, 36, 37, 38, 39, 40)
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41. A computer system comprising one or more computers for conducting an auction of at least two types of items, each of the types of items including plural items, the system for:
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a. communicating a price vector, including a price for each of the types of items subject to the auction, to a plurality of bidders, b. receiving bids from plural bidden wherein at least some of said bids identify quantities of items of different types, c. determining, based on the received bids, whether the auction should continue, and in the event that the auction will continue, d. sending to one or more bidders a revised price vector, e. receiving further bids from plural bidders in response to the revised price vector and, in response to the further bids, f. crediting at least one item of a particular type with a particular bidder at a price in a closed interval between the price contained in the price vector and the price contained in the revised price vector. - View Dependent Claims (42, 43, 44, 45, 46, 47, 48, 49, 50, 51)
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52. A computer system comprising one or more computers for conducting an auction of at least two types of items, each of the types of items including plural items, the system for:
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a. communicating a price vector, including a price for each of the types of items subject to the auction, to a plurality of bidders, b. receiving bids from plural bidders wherein at least some of said bids identify quantities of items of different types, c. determining, based on the received bids, whether the auction should continue, and in the event that the auction will continue, d. sending to one or more bidders a revised price vector, e. receiving further bids from plural bidders in response to the revised price vector and, in response to the further bids, and f. selecting a particular bidder and determining, for a selected one of the types of items, whether the sum of the bids of other bidders is different in the further bids than in the received bids, and if it is, crediting the bidder with a number of the selected type of items equal to the change in the sum of the bids of other bidders at a price in a closed interval between the price contained in the price vector and the price contained in the revised price vector. - View Dependent Claims (53, 54, 55, 56, 57)
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58. A computer system comprising one or more computers for conducting an auction of at least two types of items, each of the types of items including plural items, the system for:
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a. communicating a price vector, including a price for each of the types of items subject to the auction, to a plurality of bidders, b. receiving bids from plural bidders wherein at least some of said bids identify quantities of items of different types, c. determining, based on the received bids, whether the auction should continue, and in the event that the auction will continue, d. sending to one or more bidders a revised price vector, e. receiving further bids from plural bidders in response to the revised price vector and, in response to the further bids, and f. crediting, to a bidder at least one of those items, the bids for which exhibited, in the bids of bidders other then the bidder, a cumulative decrease in the further bids relative to the bids. - View Dependent Claims (59, 60, 61, 62, 63)
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64. A computer system comprising one or more computers for conducting an auction of at least two types of items, each of the types of items including plural items, the system for:
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a. communicating a price vector, including a price for each of the types of items subject to the auction, to a plurality of bidders, b. receiving bids from plural bidders wherein at least some of said bids identify quantities of different types of items, c. determining, based on the received bids, whether the auction should continue, and in the event that the auction will continue, d. sending to one or more bidders a revised price vector, e. receiving further bids from plural bidders in response to the revised price vector and in response to the further bids, f. crediting, to a selected bidder at least one of those items, the bids for which exhibited, in bids of bidders other than the selected bidder, a cumulative decrease in the further bids relative to the bids to establish an item credit, and g. reducing the item credit in the event bids, by bidders other than the selected bidder, show a cumulative increase in bids for that item after the item credit is established. - View Dependent Claims (65, 66, 67, 68, 69)
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70. A computer system comprising one or more computers for conducting an auction of at least two types of items, each of the types of items including plural items, the system for:
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a. communicating a price vector, including a price for each of the types of items subject to the auction, to a plurality of bidders, b. receiving bids from plural bidders wherein at least some of said bids identify quantities of items of different types, c. determining, based on the received bids, whether the auction should continue, and in the event that the auction will continue, d. sending to one or more bidders a revised price vector, and e. limiting any further bid from a bidder so that the sum of the number of items contained in a bid is less than or equal to the sum of the number of items contained in a bid submitted in the past. - View Dependent Claims (71, 72, 73, 74, 75, 76, 77, 78, 79, 80)
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Specification