Expected value payment method and system for reducing the expect

Details Expected value payment method and system for reducing the expect Expected value payment method and system for reducing the expect

1993-12-13

1997-04-15

Layno, Benjamin H.

Amusement devices: games

Chance devices

Electric or magnetic

463 25, 364412, 395214, 395216, A63F 900, G06F 1760

Patent

active

056201826

ABSTRACT:
Disclosed is an Expected Value Payment Method for the purpose of reducing the expected per unit costs incurred in paying and/or receiving a given amount of a commodity. An Expected Value Payment Method uses a random number supplier to decide bets that can reduce expected per unit costs in two ways. First, expected per unit costs can be reduced for the payer and/or receiver of a commodity by giving the receiver a chance to win a greater amount of the commodity than a given amount, the greater amount having a lower per unit cost than the given amount which was originally to be paid and received. Second, a probabalistic sorting method and system is disclosed allowing businesses to offer customers who bet to win a given amount of a commodity a better expected price for that amount than the price offered to customers paying conventionally. Also disclosed are Expected Value Payment Execution Methods and Systems that make an Expected Value Payment Method practical in the marketplace and methods and systems for preventing cheating in expected value payment bets.

REFERENCES:
patent: 3770269 (1973-11-01), Elder
patent: 3852576 (1974-12-01), Rudd
patent: 4206920 (1980-06-01), Weatherford
patent: 4815741 (1989-03-01), Small
patent: 4859590 (1989-08-01), Jolliff
patent: 4948134 (1990-08-01), Suttle et al.
patent: 5085435 (1992-02-01), Rossides
patent: 5269521 (1993-12-01), Rossides

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