Multi-dimensional price determination
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United States of America Patent
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May 14, 2013
Grant Date -
Dec 8, 2011
app pub date -
Jun 2, 2010
filing date -
Jun 2, 2010
priority date (Note) -
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Abstract
A system and method are provided. The method includes establishing a current belief about the multidimensional distribution of buyers' valuations for at least one item, and, based on the current belief, proposing at least one pricing mechanism, each pricing mechanism establishing a price for the at least one item. Observed buyers' responses to at least one of the set of proposed pricing mechanisms are stored. Region censored updates to the belief about the multidimensional distribution of buyers' valuations are conducted, based on the observed responses, to generate a new belief about the multidimensional distribution of buyers' valuations. Based on the new belief, a pricing mechanism establishing a price for the at least one item is proposed, that is expected to improve a seller's welfare under the new belief, relative to the originally proposed mechanism or mechanisms.
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