Automated item pricing
First Claim
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1. A method for automated pricing of an item, comprising the steps of:
- obtaining historical data of one or more previous purchases for the item, wherein obtaining historical data is carried out by a module executing on a hardware processor;
performing a regression with non-zero utilities on the historical data to obtain a buying probability curve for a third party that shows the probability of successfully purchasing the item as a function of value of the item and to obtain a selling probability curve for the third party that shows the probability (P) of the item being sold as a function of price of the item, wherein performing the regression comprises taking into account refurbishment costs of the third party via
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Abstract
Techniques for automated pricing of an item are provided. The techniques include obtaining historical data of one or more previous purchases for the item, performing a regression on the historical data, and using the regression to obtain a buying price and a selling price for the item.
20 Citations
17 Claims
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1. A method for automated pricing of an item, comprising the steps of:
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obtaining historical data of one or more previous purchases for the item, wherein obtaining historical data is carried out by a module executing on a hardware processor; performing a regression with non-zero utilities on the historical data to obtain a buying probability curve for a third party that shows the probability of successfully purchasing the item as a function of value of the item and to obtain a selling probability curve for the third party that shows the probability (P) of the item being sold as a function of price of the item, wherein performing the regression comprises taking into account refurbishment costs of the third party via - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A non-transitory computer program product comprising a tangible computer readable recordable storage medium having computer readable program code for automated pricing of an item, said computer program product including:
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computer readable program code for obtaining historical data of one or more previous purchases for the item; computer readable program code for performing a regression with non-zero utilities on the historical data to obtain a buying probability curve for a third party that shows the probability of successfully purchasing the item as a function of value of the item and to obtain a selling probability curve for the third party that shows the probability (P) of the item being sold as a function of price of the item, wherein performing the regression comprises taking into account refurbishment costs of the third party via - View Dependent Claims (12, 13, 14)
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15. A system for automated pricing of an item, comprising:
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a memory; and at least one processor coupled to said memory and operative to; obtain historical data of one or more previous purchases for the item; perform a regression with non-zero utilities on the historical data to obtain a buying probability curve for a third party that shows the probability of successfully purchasing the item as a function of value of the item and to obtain a selling probability curve for the third party that shows the probability (P) of the item being sold as a function of price of the item, wherein performing the regression comprises taking into account refurbishment costs of the third party via - View Dependent Claims (16, 17)
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Specification