Data processing: financial – business practice – management – or co – Automated electrical financial or business practice or... – Electronic shopping
Reexamination Certificate
2011-06-07
2011-06-07
Patel, Jagdish N (Department: 3693)
Data processing: financial, business practice, management, or co
Automated electrical financial or business practice or...
Electronic shopping
C705S027200, C705S037000
Reexamination Certificate
active
07958013
ABSTRACT:
A methodology, system and business model are disclosed for facilitating a fully automated buyer's auction in which the major types of transaction costs are significantly reduced by providing the buyer and the sellers with near-perfect information about one another, including information about buyer preferences and competing sellers' offers. The system implements a buyer's auction with multidimensional bidding that minimizes market intelligence, search, bargaining and transaction execution costs and thus creates more competitive, frictionless markets. Buyers and sellers can efficiently conduct the buyer's auction within a unified environment, thereby minimizing buyer integration costs as well. The buyer's auction generates commercially marketable proprietary information and a revenue stream for the auctioneer providing such a service.
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Milgrom Paul
Porat Marc
Surace Kevin J.
Morgan & Lewis & Bockius, LLP
Patel Jagdish N
Perfect Commerce, LLC
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