System and method for commodity valuation based on online auction bid information

• US 7,647,271 B2
• Filed: 12/04/2006
• Issued: 01/12/2010
• Est. Priority Date: 12/08/2000
• Status: Expired due to Fees

• Current Assignee: Xerox Corporation (Xerox Holdings Corp.)
• Original Assignee: Xerox Corporation (Xerox Holdings Corp.)
• Inventors: Hogg, Tad, Huberman, Bernardo A.
• Primary Examiner(s): PATEL, JAGDISH
• Application Number:
  US11/634,541
• Publication Number:
  US 20070078756A1
• Time in Patent Office: 1,135 Days
• Field of Search: 705/37, 705/26
• US Class Current: 705/37
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A system for determining latent demand for at least one of a plurality of commodities includes an offer analyzer and a commodity selector. The offer analyzer analyzes at least a plurality of initially unaccepted offers for each of the plurality of commodities. The commodity selector selects at least one of the plurality of commodities to offer for sale which satisfies at least one criteria based on the analysis by the offer analyzer.

Claims

1. A system for commodity valuation based on online auction bid information, comprising:

an auction system to maintain information about a plurality of commodities, wherein each commodity is comprised of one or more items, and auction bids for each of the plurality of commodities;

a bidding system to receive and enter the auction bid information for the plurality of commodities into the auction system;

an offer processor system, comprising;

a bid evaluator to identify the auction bid information that has been offered for each of the commodities while at auction online;

a bid processor to determine an average offer for each commodity using the auction bid information from the auction, wherein the average offer is determined from a total number of offers for each commodity;

a commodity evaluator comprising;

an item information module to identify a total number of items for each commodity;

a calculating module to obtain a quotient comprised of dividing the average offer for each commodity by the total number of items in the commodity; and

a designator module to designate the quotient as an analyzed valuation for each commodity;

a criteria definition module to define a criterion, wherein the criterion comprises the highest calculated quotient; and

a commodity identifier to identify one or more commodities that have an analyzed valuation that satisfies the criterion;

a display device to display the one or more commodities identified and their analyzed valuations; and

a network communication system to operatively couple and provide communication between the offer processing system and the auction system and to operatively couple and provide communication between the auction system and the bidding system.

2. A system according to claim 1, wherein the determination of the analyzed valuations is deferred until sufficient auction bid information becomes available for evaluation.

3. A system according to claim 1, further comprising:

a pricing processor to set a price for each of the commodities identified at which the commodity will be offered for sale.

4. A system according to claim 3, further comprising:

an averager to determine the price as an average of the auction bid information.

5. A system according to claim 1, wherein the auction bid information is chosen from the group comprising accepted bids and unaccepted bids.

6. A system according to claim 5, wherein the auction bid information having a highest value within the group for each of the commodities is chosen.

7. A system according to claim 1, wherein the criterion is specified for at least one of latent demand, potential demand, and sales volume.

8. A system according to claim 1, wherein the commodity is selected from the group comprising goods, service, and combination of goods and service.

9. A method for commodity valuation based on online auction bid information, comprising:

maintaining in a database electronically stored information about a plurality of commodities, wherein each commodity is comprised of one or more items, and auction bids for each of the plurality of commodities;

processing the auction bid information on a computer processor coupled to a memory comprising;

retrieving the auction bid information from the database into the memory;

identifying the auction bid information that has each been offered for the commodities while at auction online;

identifying a total number of items for each commodity;

determining an average offer for each commodity using the auction bid information from the auction, wherein the average offer is determined from a total number of offers for each commodity;

obtaining a quotient comprising the average offer for each commodity divided by the total number of items in the commodity;

designating the quotient as an analyzed valuation for each commodity;

defining a criterion, wherein the criterion comprises the highest calculated quotient; and

identifying one or more commodities that have an analyzed valuation that satisfies the criterion;

electronically displaying on a display device the one or more commodities identified and their analyzed valuations; and

maintaining a network communication system to operatively couple and provide communication between the database and computer processor coupled to the memory.

10. A method according to claim 9, further comprising:

deferring the determination of the analyzed valuations until sufficient auction bid information becomes available for evaluation.

11. A method according to claim 9, further comprising:

setting a price for each of the commodities identified at which the commodity will be offered for sale.

12. A method according to claim 11, further comprising:

determining the price as an average of the auction bid information.

13. A method according to claim 9, further comprising:

choosing the auction bid information from the group comprising accepted bids and unaccepted bids.

14. A method according to claim 13, further comprising:

choosing the auction bid information having a highest value within the group for each of the commodities.

15. A method according to claim 9, further comprising:

specifying the criterion for at least one of latent demand, potential demand, and sales volume.

16. A method according to claim 9, wherein the commodity is selected from the group comprising goods, service, and combination of goods and service.

17. A computer-executable storage medium holding code for commodity valuation based on online auction bid information, comprising:

code for maintaining in a database information about a plurality of commodities, wherein each commodity is comprised of one or more items, and auction bids for each of the plurality of commodities;

code for processing the auction bid information on a computer processor coupled to a memory comprising;

code for retrieving the auction bid information;

code for identifying the auction bid information that has each been offered for one of the commodities while at auction online, to determine analyzed valuations following completion of the auction;

code for identifying a total number of items for each commodity;

code for determining an average offer for each commodity using the auction bid information from the auction, wherein the average offer is determined from a total number of offers for each commodity;

code for obtaining a quotient comprising the average offer for each commodity divided by the total number of items in the commodity;

code for designating the quotient as an analyzed valuation for each commodity;

code for defining a criterion, wherein the criterion comprises the highest calculated quotient; and

code for identifying one or more commodities that have an analyzed valuation that satisfies the criterion;

code for displaying on a display device the one or more commodities identified and their analyzed valuations; and

code for maintaining a network communication system to operatively couple and provide communication between the database and computer processor coupled to the memory.