Auction of multiple heterogeneous items among multiple buyers and sellers using software agents linked via a communication network
US8352325B2 · kind B2 · utility
Assignee
Inventors
Key dates
| Filing date | Aug 20, 2008 |
| Grant date | Jan 8, 2013 |
| Priority date | — |
| Expiry date | Aug 16, 2031 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q50/188
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A method, system and computer program product for conducting an online auction of a plurality of heterogeneous items between a plurality of selling and potential purchasing parties. The method includes the steps of accepting an offer in respect of an item, accepting one or more subsequent offers that is/are preferable to a previously accepted offer, and rejecting the previously accepted offer. While the offer/s is/are binding on a party making the offer, acceptance of the offer/s is/are not binding on a party accepting the offer. Classes of “seller strategies”, for offering items to potential purchasing parties, and “buyer strategies”, to decide which offers to accept, are also disclosed. As a result of the interaction of the buyer and seller strategies, the auction mechanism converges to an allocation of items to buyers at particular prices and assists in discovering a free and fair competitive equilibrium price. The auction is performed using terminals connected via a communications network and software-based agents hosted on the terminals, wherein the software-based agents act on behalf of the participating parties.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.