Systems and methods for modeling approximate market equilibria
US7647281B2 · kind B2 · utility
Assignee
Inventors
Key dates
| Filing date | Feb 19, 2004 |
| Grant date | Jan 12, 2010 |
| Priority date | — |
| Expiry date | Feb 21, 2026 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q40/04
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
The present invention leverages demarcation of an agent into both a demander and a supplier to provide a polynomial-time method of approximating a supply and demand system's equilibrium value. This provides, in one instance of the present invention, a simplified means to iteratively extract the equilibrium value. By providing demarcated data, the present invention accounts for both demand and supply effects of an agent within a modeled supply and demand system. In one instance of the present invention, a market equilibrium price vector is approximated by employing a revenue value generated for an agent in a current market equilibrium price iteration as a budget value for the agent in the next iteration. This permits market equilibrium value modeling that encompasses an agent's contributions to a market both as a buyer and a seller within the same market for a given good and/or service.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.