WO2001057621A3 - Multidimensional and reverse e-commerce auctions - Google Patents

Multidimensional and reverse e-commerce auctions Download PDF

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Publication number
WO2001057621A3
WO2001057621A3 PCT/US2001/003909 US0103909W WO0157621A3 WO 2001057621 A3 WO2001057621 A3 WO 2001057621A3 US 0103909 W US0103909 W US 0103909W WO 0157621 A3 WO0157621 A3 WO 0157621A3
Authority
WO
WIPO (PCT)
Prior art keywords
bids
bid
adjusted
auction
initial
Prior art date
Application number
PCT/US2001/003909
Other languages
French (fr)
Other versions
WO2001057621A2 (en
Inventor
Paul R Milgrom
Robert F Mines
Ulrich Gall
James K Lavin
Kevin J Surace
Marc U Porat
Original Assignee
Perfect Com
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Application filed by Perfect Com filed Critical Perfect Com
Priority to AU2001234887A priority Critical patent/AU2001234887A1/en
Publication of WO2001057621A2 publication Critical patent/WO2001057621A2/en
Publication of WO2001057621A3 publication Critical patent/WO2001057621A3/en

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Classifications

    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q30/00—Commerce
    • G06Q30/06—Buying, selling or leasing transactions
    • G06Q30/08—Auctions

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  • Business, Economics & Management (AREA)
  • Finance (AREA)
  • Accounting & Taxation (AREA)
  • Marketing (AREA)
  • Development Economics (AREA)
  • Economics (AREA)
  • Entrepreneurship & Innovation (AREA)
  • Strategic Management (AREA)
  • Physics & Mathematics (AREA)
  • General Business, Economics & Management (AREA)
  • General Physics & Mathematics (AREA)
  • Engineering & Computer Science (AREA)
  • Theoretical Computer Science (AREA)
  • Management, Administration, Business Operations System, And Electronic Commerce (AREA)

Abstract

An improved multidimensional auction is provided which simplifies the bidder's bidding strategy by performing an adjustment of the initial bids. This adjustment is designed to reduce bidder's incentives to make bids dependent on competitor's expected bids. This is accomplished by the following. A utility function is generated based on the buyer's preferred terms for purchasing a product (410). The utility function is then applied to initial bids received from one or more sellers of the product to generate a ranking of initial bids (420, 430). Finally, the winning bid selected based on the ranking is adjusted to generate an adjusted bid (440). The adjusted bid is higher than the second highest bid, but lower than the winning bid (450). As a result, the improved multidimensional auction of the present invention allows for a faster auction process that takes into account buyers' preferences and performs at least as well or outperforms Vickrey and English auctions. It provides fewer incentives to find out the competitor's bids, thus simplifying the optimal bidding strategy.
PCT/US2001/003909 2000-02-04 2001-02-02 Multidimensional and reverse e-commerce auctions WO2001057621A2 (en)

Priority Applications (1)

Application Number Priority Date Filing Date Title
AU2001234887A AU2001234887A1 (en) 2000-02-04 2001-02-02 Multidimensional and reverse e-commerce auctions

Applications Claiming Priority (2)

Application Number Priority Date Filing Date Title
US49788700A 2000-02-04 2000-02-04
US09/497,887 2000-02-04

Publications (2)

Publication Number Publication Date
WO2001057621A2 WO2001057621A2 (en) 2001-08-09
WO2001057621A3 true WO2001057621A3 (en) 2002-01-17

Family

ID=23978725

Family Applications (1)

Application Number Title Priority Date Filing Date
PCT/US2001/003909 WO2001057621A2 (en) 2000-02-04 2001-02-02 Multidimensional and reverse e-commerce auctions

Country Status (2)

Country Link
AU (1) AU2001234887A1 (en)
WO (1) WO2001057621A2 (en)

Citations (2)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US5689652A (en) * 1995-04-27 1997-11-18 Optimark Technologies, Inc. Crossing network utilizing optimal mutual satisfaction density profile
US5845266A (en) * 1995-12-12 1998-12-01 Optimark Technologies, Inc. Crossing network utilizing satisfaction density profile with price discovery features

Patent Citations (2)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US5689652A (en) * 1995-04-27 1997-11-18 Optimark Technologies, Inc. Crossing network utilizing optimal mutual satisfaction density profile
US5845266A (en) * 1995-12-12 1998-12-01 Optimark Technologies, Inc. Crossing network utilizing satisfaction density profile with price discovery features

Also Published As

Publication number Publication date
AU2001234887A1 (en) 2001-08-14
WO2001057621A2 (en) 2001-08-09

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