Method and apparatus for pricing a commodity
First Claim
1. A computer-implemented method of pricing a commodity comprising the steps of:
- (a) selecting a predetermined market factor from the group consisting of a predetermined time factor, a predetermined price factor, a predetermined trend factor, a predetermined market status factor, and a predetermined market control factor;
(b) determining at a first time during a pricing period a first market condition from the group consisting of a first time condition, a first price condition, a first trend condition, a first market status condition, and a first market control condition;
(c) providing a formula capable of comparing said predetermined market factor to said first market condition to determine the existence of a favorable pricing condition for a first portion of the commodity;
(d) applying said formula with a computer to said predetermined market factor and said first market condition during the pricing period to determine whether or not a first favorable pricing condition exists;
(e) pricing by the computer a first portion of the commodity at a market price established by a market for the commodity, when said application of said formula to said predetermined market factor and said first market condition indicates the existence of said first favorable pricing condition;
(f) determining at a second time during the pricing period a second market condition selected from a second time condition, a second price condition, a second trend condition, a second market status condition and a second market control condition;
(g) applying said formula with a computer to said predetermined market factor and said second market condition to determine the existence of a second favorable pricing condition; and
(h) pricing by the computer a second portion of the commodity at a market price established by a market for the commodity, when said application of said formula to said predetermined market factor and said second market condition indicates the existence of said second favorable pricing condition.
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Accused Products
Abstract
A method of pricing a commodity involving selecting a predetermined market factor, determining at a first time period a first market condition, and providing a formula capable of comparing a predetermined market factor to a market condition to determine the existence of a favorable pricing condition. The method prices a first portion of the commodity when the application of the formula to the predetermined market factor and the first market condition indicates the existence of a first favorable pricing condition. The method prices a second portion of the commodity when the application of the formula to the predetermined market factor and a second market condition indicates the existence of a second favorable pricing condition.
14 Citations
20 Claims
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1. A computer-implemented method of pricing a commodity comprising the steps of:
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(a) selecting a predetermined market factor from the group consisting of a predetermined time factor, a predetermined price factor, a predetermined trend factor, a predetermined market status factor, and a predetermined market control factor; (b) determining at a first time during a pricing period a first market condition from the group consisting of a first time condition, a first price condition, a first trend condition, a first market status condition, and a first market control condition; (c) providing a formula capable of comparing said predetermined market factor to said first market condition to determine the existence of a favorable pricing condition for a first portion of the commodity; (d) applying said formula with a computer to said predetermined market factor and said first market condition during the pricing period to determine whether or not a first favorable pricing condition exists; (e) pricing by the computer a first portion of the commodity at a market price established by a market for the commodity, when said application of said formula to said predetermined market factor and said first market condition indicates the existence of said first favorable pricing condition; (f) determining at a second time during the pricing period a second market condition selected from a second time condition, a second price condition, a second trend condition, a second market status condition and a second market control condition; (g) applying said formula with a computer to said predetermined market factor and said second market condition to determine the existence of a second favorable pricing condition; and (h) pricing by the computer a second portion of the commodity at a market price established by a market for the commodity, when said application of said formula to said predetermined market factor and said second market condition indicates the existence of said second favorable pricing condition. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13)
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14. A computer-implemented method of pricing a commodity comprising the steps of:
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(a) providing a computer having a database; (b) receiving from a supplier of the commodity, information relating to a specific type and quantity of the commodity which said supplier is willing to supply; (c) receiving from said supplier a selection of a predetermined market factor from the group consisting of a predetermined time factor, a predetermined price factor, a predetermined trend factor, a predetermined market status factor and a predetermined market control factor; (d) determining at a plurality of times during a pricing period, related market conditions from the group consisting of a related time condition, a related price condition, a related market status condition and a related market control condition; (e) providing a formula capable of comparing said predetermined market factor to said related market conditions to determine the existence of favorable pricing conditions for portions of the commodity; (f) applying with a computer said formula to said predetermined market factor and said related market conditions during the pricing period to determine the existence of said favorable pricing conditions; (g) automatically pricing by the computer said portions of the commodity at a market price established by a market for the commodity, when said application of said formula to said predetermined market factor and said related market conditions indicates the existence of said favorable pricing conditions. - View Dependent Claims (15, 16, 17, 18, 19)
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20. A system for contracting for the pricing of a commodity over a network comprising:
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(a) a server computer comprising; means coupled to said server computer for receiving, from a supplier, information relating to a specific type and quantity of the commodity; a database residing on the server computer containing a predetermined market factor selected from the group consisting of a predetermined time factor, a predetermined price factor, a predetermined trend factor, a predetermined market status factor and a predetermined market control factor; means for determining at a plurality of times during a pricing period, related market conditions selected from the group consisting of a related time condition, a related price condition, a related market status condition and a predetermined market control condition; software residing on the server computer containing a formula capable of comparing said predetermined market factor to said related market conditions to determine the existence of favorable pricing conditions for portions of the commodity; means for applying said formula to said predetermined market factor and said related market conditions to determine the existence of said favorable pricing conditions during the pricing period; and means for pricing said portions of the commodity at a market price established by a market for the commodity, when said application of said formula to said predetermined market factor and said related market conditions indicates the existence of said favorable pricing conditions; (b) a remote terminal; (c) a communication link between said server computer and said remote terminal.
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Specification