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Item reservation

  • US 8,301,491 B2
  • Filed: 06/23/2008
  • Issued: 10/30/2012
  • Est. Priority Date: 06/23/2008
  • Status: Expired due to Fees
First Claim
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1. A computer-implemented method, comprising:

  • receiving a bid from a user, the bid specifying a maximum amount that the user will pay to obtain an item prior to an auction of the item;

    determining, by a computer, a future spot price for an item, the future spot price being an estimated price at which the item will be awarded by the auction at a future time;

    determining, by a computer, a time value factor that defines a time dependent value of reserving the item prior to the item being auctioned at the future time;

    determining, by a computer, a reservation price for the item at a current time, the reservation price being determined based on the future spot price, the time value factor, and a difference between the current time and the future time at which the item will be auctioned, the reservation price being determined using a function that causes the reservation price to converge to the future spot price as the difference between the current time and the future time approaches zero;

    adjusting the reservation price based on market signals that specify a change in demand for the item, wherein adjusting the reservation price comprises increasing the reservation price based on a demand signal indicating that the demand for the item has increased since a time prior to the current time;

    determining that the bid meets the reservation price; and

    in response to determining that the bid meets the reservation price, awarding, by a computer, the item to the user at the reservation price.

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