Dynamic exchange method and apparatus
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United States of America Patent
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Mar 3, 2009
Grant Date -
Dec 30, 2004
app pub date -
Mar 18, 2004
filing date -
Sep 25, 2002
priority date (Note) -
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status (Latency Note)
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Abstract
In a live, expressive combinatorial exchange, each of a plurality of bidders can submit a bid. Based on the submitted bids, an allocation of the bids is determined that is optimal for the type of exchange being conducted. At least a portion of each bid of the allocation is displayed to each bidder of a first subset of the bidders that has at least one bid that is not included in the allocation. Each bidder of a subset of the first subset of bidders can then amend one or more of their existing bids or submit a new bid that is considered the next time the allocation is determined. The process of feeding back at least a portion of each bid of the allocation, submitting new bids or amendments to existing bids, and determining a new allocation based on all of the submitted bids continues until a predetermined condition is satisfied.
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