Computer implemented methods and apparatus for auctions

• US 7,774,264 B1
• Filed: 07/20/2007
• Issued: 08/10/2010
• Est. Priority Date: 01/04/1996
• Status: Expired due to Term

• Current Assignee: Efficient Auctions, LLC
• Original Assignee: Efficient Auctions, LLC
• Inventors: Ausubel, Lawrence M.
• Primary Examiner(s): Trammell; James P
• Assistant Examiner(s): Nguyen; Tien C
• Application Number:
  US11/780,946
• Time in Patent Office: 1,117 Days
• Field of Search: 156/584, 194/217, 235/58, 237/254, 345/418, 705/10, 705 30- 45, 706/60
• US Class Current: 705/37
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A computer implemented system and method of executing an auction. The system has at least two intelligent systems, one for the auctioneer and at least one for a user. The auction is conducted by the auctioneer'"'"'s system communicating with the user system(s). The auctioneer'"'"'s system receives information from the user system(s) based on bid information entered by the user(s). With this information the auctioneer'"'"'s system determines whether the auction can be concluded or not and appropriate messages are transmitted to the user(s).

Claims

1. A method for conducting an auction of a plurality of types of items among a plurality of users implemented on a computer system comprising an auction computer and at least one user computer located remotely from said auction computer, at least one of said types of items including plural instances of items subject to said auction, the method comprising:

a) transmitting information from said auction computer to at least one user computer, said information including at least current proposed prices for each of the types of items;

b) receiving for processing at said auction computer bid information from users, said bid information including one or more bids, at least one of the bids comprising a set identification S_i which identifies a set of items that a user proposes to transact at the current proposed prices, at least one of said set identifications identifying a set containing at least two different types of items;

c) determining, in response to the bid information, whether the auction should continue or terminate;

d) transmitting a message to at least one user computer indicating that the auction will continue, in relation to a determination to continue the auction, said message including an updated current proposed price for at least one of the types of items; and

e) selecting bids, in relation to a determination to terminate the auction, so that the sets S_i identified by the selected bids are compatible.

2. A method as recited in claim 1 wherein the selecting further includes constraining the selection such that the sets S_i identified by the selected bids are disjoint.

3. A method as recited in claim 1 wherein the items comprise communications licenses or associated derivative rights.

4. A method as recited in claim 1 wherein the auction is conducted in multiple rounds and the determining includes comparing the sum of the values of the selected bids with a function of the sum of the values of the selected bids of an earlier round.

5. A method as recited in claim 1 wherein the auction is conducted in multiple rounds and the determining includes considering whether any new bids were submitted by any user in a round.

6. A method as recited in claim 1 wherein the determining includes comparing the sum of items contained in bids with an identified quantity.

7. A method as recited in claim 1 which further includes limiting bids from a particular user based on previous bidding activity by said particular user.

8. A method as recited in claim 1 wherein said bid information includes at least one bid based on prices different from the current proposed prices.

9. A system for conducting an auction of a plurality of types of items among a plurality of users, at least one of said types of items including plural instances of items subject to said auction, the system comprising:

a) a computer system for transmitting information to users including at least current proposed prices for each of the types of items;

b) said computer system receiving bid information from users for processing, said bid information including one or more bids, at least one of the bids comprising a set identification S_i which identifies a set of items that a user proposes to transact at the current proposed prices, at least one of said set identifications identifying a set containing at least two different types of items;

c) said computer system determining, in response to the bid information, whether the auction should continue or terminate;

d) said computer system, in relation to a determination to continue the auction, initiating the transmission of a message indicating that the auction will continue, said message including an updated current proposed price for at least one of the types of items; and

e) said computer system selecting bids, in relation to a determination to terminate the auction, so that the sets S_i identified by the selected bids are compatible.

10. A system as recited in claim 9 wherein the computer system includes means for constraining the selection such that the sets S_i identified by the selected bids are disjoint.

11. A system as recited in claim 9 wherein the items comprise communications licenses or associated derivative rights.

12. A system as recited in claim 9 wherein the auction is conducted in multiple rounds and the computer system, in effecting the determining, compares a sum of values of the selected bids with a function of the sum of values of the selected bids of an earlier round.

13. A system as recited in claim 9 wherein the auction is conducted in multiple rounds and the computer system, in effecting the determining, further determines whether any new bids were submitted by any user in a round.

14. A system as recited in claim 9 wherein the computer system, in effecting the determining, compares a sum of items contained in bids with an identified quantity of items.

15. A system as recited in claim 9 in which a computer of the computer system limits bids from a particular user based on previous bidding activity by said particular user.

16. A system as recited in claim 9 wherein said bid information includes at least one bid based on prices different from the current proposed prices.

17. A method for conducting an auction of a plurality of items among a plurality of users, at least some of said items being dissimilar, said method implemented on a computer system comprising an auction computer and at least one user computer located remotely from said auction computer, the method comprising:

a) receiving bid information from users at said auction computer, said bid information including bids, each bid (S_i, P_i) comprising a set identification S_i and a value parameter P_i, where the set identification S_i identifies a set of items that a user proposes to transact and where the value parameter P_i specifies a value proposed by the user for the set of items identified by S_i, at least one of the bids including a set identification S_i identifying at least two dissimilar items

b) limiting a bid from a user so that current bidding activity by said user is limited by previous bidding activity of said user;

c) determining, in response to the bid information, whether the auction should continue or terminate;

d) transmitting a message indicating that the auction will continue, in response to a determination to continue the auction; and

e) transmitting a message indicating that the auction will terminate, in response to a determination to terminate the auction.

18. A method as recited in claim 17 wherein the determining further includes constraining the selection such that the sets S_i identified by the selected bids are disjoint.

19. A method as recited in claim 17 wherein the items comprise television licenses or associated derivative rights.

20. A method as recited in claim 17 wherein the auction is conducted in multiple rounds.

21. A method as recited in claim 20 wherein the determining further includes comparing a sum of the parameters P_i from the selected bids to a function of a sum of the parameters P_i from selected bids of an earlier round.

22. A method as recited in claim 17 which further comprises limiting a number of bids that may be entered by a particular user.

23. A method as recited in claim 17 which further comprises limiting bids to identifying particular sets of said plurality of items.

24. A method as recited in claim 17 which further comprises limiting a bid from a particular user to a value parameter no less than a minimum value, wherein said minimum value is specific to said particular user and to a particular set identified, and depends on previous bids by the users.

25. A method as recited in claim 17 which further comprises limiting a bid from a particular user to a value parameter no greater than a maximum value, wherein said maximum value is specific to said particular user and to a particular set identified, and depends on previous bids by the users.

26. A system for conducting an auction of a plurality of items among a plurality of users, at least some of said items being dissimilar, the system comprising:

a) a computer system including at least one computer for receiving bid information from users, said bid information including bids, each bid (S_i, P_i) comprising a set identification S_i and a value parameter P_i, where the set identification S_i identifies a set of items that a user proposes to transact and where the value parameter P_i specifies a value proposed by the user for the set of items identified by S_i, at least one of the bids including a set identification S_i identifying at least two dissimilar items;

b) said computer system limiting a bid from at least one user so that current bidding activity by said at least one user is limited by previous bidding activity of said at least one user;

c) said computer system determining, in response to the bid information, whether the auction should continue or terminate;

d) said computer system initiating transmission of a message indicating that the auction will continue, in response to a determination to continue the auction; and

e) said computer system initiating transmission of a message indicating that the auction will terminate, in response to a determination to terminate the auction.

27. A system as recited in claim 26 wherein the computer system, in effecting the determining constrains the selection such that the sets S_i identified by the selected bids are disjoint.

28. A system as recited in claim 26 wherein the computer system conducts said auction in multiple rounds.

29. A system as recited in claim 28 wherein the selected computer, in effecting the determining compares a sum of the parameters P_i from the selected bids to a function of a sum of the parameters P_i from selected bids of an earlier round.

30. A system as recited in claim 26 which wherein a computer limits a number of bids that may be entered by a particular user.

31. A system as recited in claim 26 wherein a computer limits bids to identifying particular sets of said plurality of items.

32. A system as recited in claim 26 wherein a computer limits a bid from a particular user to a value parameter no less than a minimum value, wherein said minimum value is specific to said particular user and to a particular set identified, and depends on previous bids by the users.

33. A system as recited in claim 26 which wherein a computer limits a bid from a particular user to a value parameter no greater than a maximum value, wherein said maximum value is specific to said particular user and to a particular set identified, and depends on previous bids by the users.