System and method for an auction of multiple types of items
First Claim
1. A computer system for conducting an auction of at least one type of item among a plurality of bidders in a plurality of rounds, wherein bids are received and processed by the computer system, said system comprising:
- establishing means for establishing a starting price, an ending price and a price range, said ending price different from said starting price, and said price range comprising prices between said starting and ending prices, for at least one type of item in a given round of the plurality of rounds,receiving means for receiving bids in the given round, wherein a bid comprises a quantity parameter indicating a quantity of at least one type of item and a price parameter indicating a price within the established price range, said price parameter dividing the established price range into a first interval comprising prices between the indicated price and the established starting price and a second interval comprising prices between the indicated price and the established ending price,processing means for processing the received bids, said processing means treating a bid with said quantity parameter and said price parameter from a given bidder as a proposal to transact the indicated quantity at a price within the second interval and as a proposal to transact another quantity at a price within the first interval, said another quantity based on at least one other bid in the auction by the given bidder,determining means for determining whether the auction should continue or end, based on the received bids, andinitiating means for initiating an additional round, following a determination that the auction should continue.
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Accused Products
Abstract
An improved system and method for a computer-implemented auction in which multiple types of items are auctioned together without imposing a particular division of supply or demand among the individual types of items. In some embodiments the auction of the present invention provides a means or method for establishing prices for the types of items, wherein the prices maintain a relationship. In other embodiments, the present invention provides a means or method for implying prices from price parameters in the bids received form bidders, based on a relation among the prices for the types of items. Market clearing may be defined by the condition that the aggregate quantity bid for all types of items is less than or equal to the available quantity of all types of items. The division among the types of items within is thus determined flexibly, based on the bids at the associated prices. In other embodiments, market clearing is defined by the condition that the quantity bid for one selected type of item is less than or equal to the available quantity of the selected type of item. The quantities of the other types of items are thus determined flexibly, based on the bids at the associated prices.
51 Citations
60 Claims
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1. A computer system for conducting an auction of at least one type of item among a plurality of bidders in a plurality of rounds, wherein bids are received and processed by the computer system, said system comprising:
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establishing means for establishing a starting price, an ending price and a price range, said ending price different from said starting price, and said price range comprising prices between said starting and ending prices, for at least one type of item in a given round of the plurality of rounds, receiving means for receiving bids in the given round, wherein a bid comprises a quantity parameter indicating a quantity of at least one type of item and a price parameter indicating a price within the established price range, said price parameter dividing the established price range into a first interval comprising prices between the indicated price and the established starting price and a second interval comprising prices between the indicated price and the established ending price, processing means for processing the received bids, said processing means treating a bid with said quantity parameter and said price parameter from a given bidder as a proposal to transact the indicated quantity at a price within the second interval and as a proposal to transact another quantity at a price within the first interval, said another quantity based on at least one other bid in the auction by the given bidder, determining means for determining whether the auction should continue or end, based on the received bids, and initiating means for initiating an additional round, following a determination that the auction should continue. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 35)
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17. A computer system for conducting an auction of a plurality of types of items among a plurality of bidders in a plurality of rounds, wherein bids are received and processed by the computer system, said system comprising:
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establishing means for establishing a starting price and an ending price for each of a plurality of types of items in a plurality of rounds, said establishing means establishing both a starting price and an ending price prior to the computer system receiving bids within a round, wherein the establishing means includes means to maintain a predetermined relation among the established prices, receiving means for receiving bids, wherein a bid comprises a quantity parameter for at least one type of item and a price parameter signifying a percentage of the distance from the established starting price to the established ending price, and processing means for processing the received bids to determine an allocation of the items among the bidders consistent with the bids in the event that an allocation consistent with the bids is possible, otherwise enabling the establishing means to alter the prices established for at least one type of item. - View Dependent Claims (18, 19)
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20. A method implemented in a system comprising a plurality of computers, at least one of which is located remotely from at least one other of said computers and interconnected by a communication system, for conducting an auction of at least one type of item among a plurality of bidders in a plurality of rounds, wherein bids are received and processed, said method comprising:
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establishing a starting price, an ending price and a price range, said ending price different from said starting price, and said price range comprising prices between said starting and ending prices, for at least one type of item in a given round of the plurality of rounds, receiving bids in the given round on at least one computer of said system and communicating at least some of said bids to at least one remotely-located computer via the communication system, wherein a bid comprises a quantity parameter indicating a quantity of at least one type of item and a price parameter indicating a price within the established price range, said price parameter dividing the established price range into a first interval comprising prices between the indicated price and the established starting price and a second interval comprising prices between the indicated price and the established ending price, processing the received bids on the at least one remotely-located computer, said processing treating a bid with said quantity parameter and said price parameter from a given bidder as a proposal to transact the indicated quantity at a price within the second interval and as a proposal to transact another quantity at a price within the first interval, said another quantity based on at least one other bid in the auction by the given bidder, determining whether the auction should continue or end, based on the received bids, and initiating an additional round, following a determination that the auction should continue. - View Dependent Claims (21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 36, 37)
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38. A method implemented in a system comprising a plurality of computers, at least one of which is located remotely from at least one other of said computers and interconnected by a communication system, for conducting an auction of a plurality of types of items among a plurality of bidders in a plurality of rounds, wherein bids are received and processed, said method comprising:
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establishing a starting price and an ending price for each of a plurality of types of items in a plurality of rounds, said establishing including establishing both a starting price and an ending price prior to said system receiving bids within a round, wherein the establishing includes maintaining a predetermined relation among the established prices, receiving bids on at least one computer of said system and communicating at least some of said bids to at least one remotely-located computer via the communication system, wherein a bid comprises a quantity parameter for at least one type of item and a price parameter signifying a percentage of the distance from the established starting price to the established ending price, and processing the received bids on the at least one remotely-located computer to determine an allocation of the items among the bidders consistent with the bids in the event that an allocation consistent with the bids is possible, otherwise altering the established prices for at least one type of item. - View Dependent Claims (39, 40)
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41. A non-transitory computer readable medium storing a sequence of instructions which, when executed on a system comprising a plurality of computers, at least one of which is located remotely from at least one other of said computers and interconnected by a communication system, implements a method for conducting an auction of at least one type of item among a plurality of bidders in a plurality of rounds, wherein bids are received and processed, said method comprising:
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establishing a starting price, an ending price and a price range, said ending price different from said starting price, and said price range comprising prices between said starting and ending prices for at least one type of item in a given round of the plurality of rounds, receiving bids in the given round on at least one computer of said system and communicating at least some of said bids to at least one remotely-located computer via the communication system, wherein a bid comprises a quantity parameter indicating a quantity of at least one type of item and a price parameter indicating a price within the established price range, said price parameter dividing the established price range into a first interval comprising prices between the indicated price and the established starting price and a second interval comprising prices between the indicated price and the established ending price, processing the received bids on the at least one remotely-located computer, said processing treating a bid with said quantity parameter and said price parameter from a given bidder as a proposal to transact the indicated quantity at a price within the second interval and as a proposal to transact another quantity at a price within the first interval, said another quantity based on at least one other bid in the auction by the given bidder, determining whether the auction should continue or end, based on the received bids, and initiating an additional round, following a determination that the auction should continue. - View Dependent Claims (42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57)
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58. A non-transitory computer readable medium storing a sequence of instructions which, when executed on a system comprising a plurality of computers and a communication system, implements a method for conducting an auction of a plurality of types of items among a plurality of bidders in a plurality of rounds, wherein bids are received and processed, said method comprising:
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establishing a starting price and an ending price for a plurality of types of item in a plurality of rounds, said establishing including establishing both a starting price and an ending price prior to said computer system receiving bids within a round, wherein the establishing includes maintaining a relation among the established prices, receiving bids on at least one computer of said system and communicating at least some of said bids to at least one-remotely located computer via the communication system, wherein a bid comprises a quantity parameter for at least one type of item and a price parameter signifying a percentage of the distance from the established starting price to the established ending price for said type of item, and processing the received bids on the at least one remotely-located computer to determine an allocation of the items among the bidders consistent with the bids in the event that an allocation consistent with the bids is possible, otherwise altering the established prices for at least one type of item. - View Dependent Claims (59, 60)
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Specification