Method and system for selecting an optimal auction format

Details Method and system for selecting an optimal auction format Method and system for selecting an optimal auction format

2001-07-10

2009-12-01

Patel, Jagdish N (Department: 3693)

Data processing: financial, business practice, management, or co

Automated electrical financial or business practice or...

Finance

C705S026640, C705S080000

Reexamination Certificate

active

07627514

ABSTRACT:
An automated estimation and optimization solution for selecting the best auction format by determining the latent elements of the auction environment taking into account the strategic and information conditions with minimal assumptions on the distributions of unobserved random elements. Structural analysis of bid data from prior auctions is used to identify and estimate the distributions of bidders' private signals conditional on observable bidder characteristics. The estimated signal distributions, identified by the structural analysis, are used to evaluate alternative auction formats and to select the best format from among a given set of candidates. The present invention provides decision support tools to select an auction format based on structural econometric analysis of available data on the market environment. A decision-maker may estimate the unobservable private signals of the bidders and to determine the best auction format the decision maker can employ to sell a given set of items.

REFERENCES:
patent: 5818914 (1998-10-01), Fujisaki
patent: 5835896 (1998-11-01), Fisher et al.
patent: 6285989 (2001-09-01), Shoham
patent: 6415270 (2002-07-01), Rackson et al.
patent: 6871190 (2005-03-01), Seymour et al.
patent: 2002/0174052 (2002-11-01), Guler et al.
patent: 2003/0014346 (2003-01-01), Zhang
“The Simple Economics of Optimal Auctions,” by Jeremy Bulow and John Roberts. The Journal of Political Economy, vol. 97, No. 5. (Oct. 1989), pp. 1060-1090.
“Auction Format Matters: Evidence on Bidding Behavior and Seller Revenue,” by Robert A. Feldman and Vincent Reinhart. International Monetary Fund. Staff Papers—International Monetary Fund; Jun. 1996; 43,2; ABI/INFORM Global. p. 395.
“Auctions: Theory and Applications,” by Robert A. Feldman and Rajnish Mehra. IMF Staff Papers. vol. 40, No. 3 (Sep. 1993).
“A theoretical and empirical investigation of multi-item on-line auctions,” by Ravi Bapna, Paulo Goes and Alok Gupta. Information Technology and Management; 2000; 1, 1-2; ABI/INFORM Global p. 1.

Affiliated with

Also associated with

Rating

Method and system for selecting an optimal auction format does not yet have a rating. At this time, there are no reviews or comments for this patent.

If you have personal experience with Method and system for selecting an optimal auction format, we encourage you to share that experience with our LandOfFree.com community. Your opinion is very important and Method and system for selecting an optimal auction format will most certainly appreciate the feedback.

Rate now

Comments { 0 }

Profile ID: LFUS-PAI-O-4068770