Item reservation
First Claim
Patent Images
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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Accused Products
Abstract
Items can be reserved in advance of a future spot market sale. A reservation price can be determined for the item based on an expected spot market price required to obtain the item in the future sport market sale, a time until the spot market sale, and/or market signals. The reservation price can converge to the expected spot market price as the time of the future spot market approaches.
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Citations
15 Claims
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1. A computer-implemented method, comprising:
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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. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. A reservation system, comprising:
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a data store storing auction information and reservation information for placements, the auction information specifying outcomes of previous auctions for an item, the reservation information including 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; one or more computers configured to interact with the data store and further configured to perform operations including; 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 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, the future spot price being determined based on the auction information; determining 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 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; adjusting the reservation price as the difference between the current time and the future time approaches zero, the adjusted reservation price being determined by 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 the item to the user at the reservation price. - View Dependent Claims (9, 10, 11, 12, 13, 14)
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15. A device, comprising:
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means for determining a future spot price for an item, the future spot price being an estimated price that is required for settlement in a spot market at a future time; means for determining a time value factor that defines a time dependent value of acquiring the item prior to the item being offered in the spot market at the future time; means for determining a reservation price for the item at a current time, the reservation price being determined based on the future spot price, a difference between the current time and the future time, and the time value factor, the reservation price converging to the future spot price as the difference between the current time and the future time approaches zero; means for 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; means for determining that the bid meets the reservation price; and means for awarding the item to the user at the reservation price, in response to determining that the bid meets the reservation price.
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Specification