Systems and method for incorporating bidder budgets in multi-item auctions
First Claim
1. A computer-implemented method for performing a sealed-bid auction of lots on one or more computing devices, the method comprising:
- receiving, on the one or more computing devices, a first bid group from a first bidder, the first bid group including a first plurality of bids, and receiving a first budget constraint specifying a total money amount the first bidder can spend for the group in the sealed-bid auction, wherein a sum of the first plurality of bids exceeds the first budget constraint;
receiving, on the one or more computing devices, a second bid group from a second bidder, the second bid group including a second plurality of bids for the sealed-bid auction; and
determining, on the one or more computing devices, using the sealed-bid auction of lots, an allocation of lots that awards bids to the first bidder and the second bidder, wherein the allocation maximizes a price for awarded bids, subject to at least the first budget constraint.
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Accused Products
Abstract
Systems and methods for conducting multi-item auctions for complex goods that allows bidders to specify budget constraints is disclosed. The system includes a server, a network, a plurality of trader systems and a data store unit. The system allows bidders to work effectively with limited budgets. The server includes an allocation unit performs a sealed-bid auction that enables bidding without the risk of going over budget, and thus, the present invention encourages bidders to place more and higher bids. Sellers will therefore receive higher prices and goods are more likely to be efficiently assigned.
82 Citations
19 Claims
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1. A computer-implemented method for performing a sealed-bid auction of lots on one or more computing devices, the method comprising:
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receiving, on the one or more computing devices, a first bid group from a first bidder, the first bid group including a first plurality of bids, and receiving a first budget constraint specifying a total money amount the first bidder can spend for the group in the sealed-bid auction, wherein a sum of the first plurality of bids exceeds the first budget constraint; receiving, on the one or more computing devices, a second bid group from a second bidder, the second bid group including a second plurality of bids for the sealed-bid auction; and determining, on the one or more computing devices, using the sealed-bid auction of lots, an allocation of lots that awards bids to the first bidder and the second bidder, wherein the allocation maximizes a price for awarded bids, subject to at least the first budget constraint. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A computer program product comprising a non-transitory computer usable medium including a computer readable program, wherein the computer readable program when executed on a computer causes the computer to:
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receive a first bid group from a first bidder, the first bid group including a first plurality of bids, and receiving a first budget constraint specifying a total money amount the first bidder can spend for the group, wherein a sum of the first plurality of bids exceeds the first budget constraint; receive a second bid group from a second bidder, the second bid group including a second plurality of bids; and determine using a sealed bid auction of lots, an allocation of lots that awards bids to the first bidder and the second bidder, wherein the allocation maximizes a price for awarded bids, subject to at least the first budget constraint. - View Dependent Claims (13, 14, 15, 16)
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17. A system comprising one or more computing devices for performing an auction of lots in a sealed-bid auction, the system comprising:
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an interface module in at least one computing device for receiving a first bid group from a first bidder, the first bid group including a first plurality of bids, receiving a first budget constraint specifying a total money amount the first bidder can spend for the group in the sealed bid auction, wherein a sum of the first plurality of bids exceeds the first budget constraint, the interface module also receiving a second bid group from a second bidder, the second bid group including a second plurality of bids in the sealed bid auction, the interface module coupled to receive the first bid group and the second bid group; an allocation system in at least one computing device for determining an allocation of lots that awards bids to the first bidder and the second bidder and that maximizes a price for awarded bids, subject to at least the first budget constraint;
the allocation system coupled to receive the first bid group and the second bid group from the interface module; andan auction module in at least one computing device for determining using the sealed bid auction of lots and the allocation of lots that awards bids to the first bidder and the second bidder, the auction module coupled to receive the first bid group and the second bid group from the interface module and coupled to receive the allocation from the allocation system and coupled to provide the allocation to the first bidder and the second bidder. - View Dependent Claims (18, 19)
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Specification