Performing predictive pricing based on historical data

• US 7,974,863 B2
• Filed: 03/07/2008
• Issued: 07/05/2011
• Est. Priority Date: 03/27/2003
• Status: Expired due to Fees

• Current Assignee: Microsoft Technology Licensing LLC (Microsoft Corporation)
• Original Assignee: University of Washington
• Inventors: Tuchinda, Rattapoom, Yates, Alexander, Knoblock, Craig A., Etzioni, Oren
• Primary Examiner(s): Hayes; John W
• Assistant Examiner(s): NELSON, FREDA ANN
• Application Number:
  US12/044,229
• Publication Number:
  US 20090030746A1
• Time in Patent Office: 1,215 Days
• Field of Search: 705/1, 705/10, 705/400, 705 2- 3, 705/27, 705 37- 38, 705/1.1, 705/8, 705/5, 705/7.31
• US Class Current: 705/5
• CPC Class Codes: G06Q 10/02 Reservations, e.g. for tickets, services or events
• CPC Class Codes: G06Q 10/06 Resources, workflows, human or project management; Enterprise or organisation planning; Enterprise or organisation modelling
• CPC Class Codes: G06Q 20/201 Price look-up processing, e.g. updating
• CPC Class Codes: G06Q 30/0202 Market predictions or forecasting for commercial activities
• CPC Class Codes: G06Q 30/0206 Price or cost determination based on market factors
• CPC Class Codes: G06Q 30/0273 Determination of fees for advertising
• CPC Class Codes: G06Q 30/0283 Price estimation or determination
• CPC Class Codes: G06Q 30/0611 Request for offers or quotes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 50/06 Energy or water supply

Abstract

Techniques are described for using predictive pricing information for items to assist in evaluating buying and/or selling decisions in various ways, such as on behalf of end-user item acquirers and/or intermediate item providers. The predictive pricing for an item may be based on an analysis of historical pricing information for that item and/or related items, and can be used to make predictions about future pricing information for the item. Such predictions may then be provided to users in various ways to enable comparison of current prices to predicted future prices. In some situations, predictive pricing information is used to assist customers when purchasing airline tickets and/or to assist travel agents when selling airline tickets.

Claims

1. A method in a computer system with a processor for providing airline tickets at special fares, by a method comprising:

providing historical information for actual airline flights, the historical information including observations made at observation times, each observation including airline, price information, departure location, arrival location, departure day, and return day;

receiving from a customer a request for ticket information for an airline flight matching a criterion;

receiving by the computer system current information for airline flights matching the criterion, the current information including price information with current ticket price, departure location, arrival location, departure day, and return day;

based on analysis of the provided historical information and the received current information, offering by the computer system to sell to the customer an airline ticket for an airline flight matching the criterion at a special fare that is below the current ticket price indicated by the current information for the airline flights matching the criterion when the analysis indicates that the likely future ticket price for an airline flight matching the criterion will drop below the special fare; and

when an offer is accepted by the customer, subsequently purchasing by the computer system a ticket at a ticket price below the special fare for an airline flight matching the criterion on behalf of the customer.

2. The method of claim 1 wherein the analysis of the historical information has a temporal constraint that the historical information used to make a prediction at an observation time was recorded before that observation time.

3. The method of claim 2 wherein an observation of the historical information is labeled based on what the correct prediction would have been at the observation time of the observation.

4. The method of claim 1 wherein the ticket is purchased at a price that is higher than the special fare.

5. A computer system for providing airline tickets at special fares, comprising:

a storage medium storing historical information for actual airline flights, the historical information including observations made at observation times, each observation including airline, price information, departure location, arrival location, departure day, and return day;

a memory storing computer-executable instructions of;

a component that receives from a customer a request for ticket information for an airline flight matching a criterion;

a component that receives current information for airline flights, the current information including price information with current ticket price, departure location, arrival location, departure day, and return day;

a component that, based on analysis of the provided historical information and the received current information, offers to sell to the customer an airline ticket for an airline flight matching the criterion at a special fare that is below the current ticket price indicated by the current information for the airline flight when the analysis indicates that the likely future ticket price for an airline flight matching the criterion will drop below the special fare; and

a component that, when an offer is accepted by the customer, delays purchasing a ticket for an airline flight that matches the criterion so that the ticket is purchased below the special fare; and

a processor for executing the computer-executable instructions stored in the memory.

6. The computer system of claim 5 wherein the analysis of the historical information has a temporal constraint that the historical information used to make a prediction at an observation time was recorded before that observation time.

7. The computer system of claim 6 wherein an observation of the historical information is labeled based on what the correct prediction would have been at the observation time of the observation.

8. The computer system of claim 5 wherein the ticket is purchased at a price that is higher than the special fare.

9. A computer-readable storage device storing computer-executable instructions for controlling a computer system to provide airline tickets at special fares, by a method comprising:

providing historical information for actual airline flights, the historical information including observations made at observation times, each observation including airline, price information, departure location, arrival location, departure day, and return day;

receiving from a customer a request for ticket information for an airline flight matching a criterion;

receiving current information for airline flights, the current information including price information with current ticket price, departure location, arrival location, departure day, and return day;

based on analysis of the provided historical information and the received current information, offering to sell to the customer an airline ticket for an airline flight matching the criterion at a special fare that is below the current ticket price indicated by the current information for airline flights matching the criterion when the analysis indicates that the likely future ticket price for an airline flight matching the criterion will drop below the special fare; and

when an offer is accepted by the customer, subsequently purchasing a ticket for an airline flight matching the criterion at a ticket price that is below the special fare on behalf of the customer.

10. The computer-readable storage device of claim 9 wherein the analysis of the historical information has a temporal constraint that the historical information used to make a prediction at an observation time was recorded before that observation time.

11. The computer-readable storage device of claim 10 wherein an observation of the historical information is labeled based on what the correct prediction would have been at the observation time of the observation.

12. The computer-readable storage device of claim 9 wherein the ticket is purchased at a price that is higher than the special fare.