Systems and methods for determining economic impact of an event within a geographic area

US10929859B2 · kind B2 · utility

Assignee

• MASTERCARD INTERNATIONAL INCORPORATED · US

Inventors

• Michael Zhao · New York, US
• Nigel Noyes · Dobbs Ferry, US
• Kimberly Purcell · Wilton, US
• Todd Christian Lowenberg · Redding, US
• Nikhil Malgatti · Stamford, US
• Harry Chen · Port Chester, US
• Shweta Jain Chaudhury · London, GB
• Dhruv Akhauri · Manesar, IN

Key dates

• Filing date: Dec 2, 2016
• Grant date: Feb 23, 2021
• Expiry date: Sep 29, 2038

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/02
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A method for determining an economic impact of a candidate event includes receiving an event type identifier representing an event type of a candidate event to occur, and building a reference data store including historical transaction data records of payment transactions occurring in reference geographic areas associated with a reference event having the event type identifier. The method also includes generating a reference model from the historical transaction data records the models a reference number of active accounts and active merchants within a reference geographic area during a period of time associated with the reference event occurring in the geographic area. The method further includes determining a predicted number of active accounts and active merchants within the target geographic area using the reference model, and determining a predicted consumer spend using a predicted spend model. The method also includes generating an economic impact report including the consumer spend.