System and method for an efficient dynamic multi-unit auction
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United States of America Patent
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Jan 16, 2007
Grant Date -
May 2, 2002
app pub date -
Jul 5, 2001
filing date -
May 18, 2000
priority date (Note) -
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Abstract
The present invention implements an auction in which multiple types of goods may be auctioned in a dynamic process. In a preferred embodiment, the present invention is a system and method for a computer implemented dynamic multi-unit auction in which the price paid or received by bidders tends to be independent of their own bids, in which participants may be provided with information concerning their competitors' bids as the auction progresses, and in which the confidentiality of high values may be maintained. Participants' quantities bid at a given time may be restricted to be less than or equal to the quantities bid at an earlier time. These features provide the advantage of improving economic efficiency of the auction design over the prior art.
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