Truth revealing market equilibrium

Details Truth revealing market equilibrium Truth revealing market equilibrium

2010-08-10

2011-12-06

Subramanian, Narayanswamy (Department: 3695)

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

Automated electrical financial or business practice or...

Finance

C705S014490, C705S014690, C705S014730, C705S035000

Reexamination Certificate

active

08073766

ABSTRACT:
To use market clearing methods to determine market equilibrium, a market clearing situation is established by determining a number of items to be sold at the market price and allotting a number of pseudo items assignable to bids below the market price. Once bids are received for the items, using the number of pseudo items and the actual items as the supply side, and the total funds bid as the demand side, a market clearing price is determinable using a market clearing equilibrium model. Funds assigned to pseudo items are returned or not charged. Further, by selling items only to bids exceeding the market clearing price, such as by setting the market price incrementally above the market clearing price, bidders are encouraged to submit bid prices bid reflecting what the items are worth to them instead of attempting to bid strategically to guess or set the market price.

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