Method and system for setting an optimal reserve price for an auction
US7493280B2 · kind B2 · utility
Assignee
Inventors
Key dates
| Filing date | Jul 10, 2001 |
| Grant date | Feb 17, 2009 |
| Priority date | — |
| Expiry date | Jan 7, 2026 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q40/04
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
One embodiment of the present invention provides a method and system that computes the optimal level of the reserve price for an auction, with respect to a multiplicity of possible evaluation criteria that the end user of the system may specify. In one embodiment, structural elements characterizing the auction situation are estimated from bid data available on past auctions. The estimated structural elements are then used in the formulation of the user's expected payoff as a function of the reserve price. This objective function is then optimized to obtain the best level of the reserve price. In one embodiment, this method is implemented by a process executed on a computer system, under the control of software and firmware directing the operation of its processors and components. In one embodiment, a computer readable medium causes a computer system to execute the steps in a process for implementing the method.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.