Method, system and business model for a buyer's auction with near perfect information using the internet
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United States of America Patent
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May 27, 2014
Grant Date -
May 2, 2013
app pub date -
Dec 20, 2012
filing date -
Jul 9, 1999
priority date (Note) -
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Abstract
A methodology, system and business model are disclosed for facilitating a fully automated buyer's auction in which the major types of transaction costs are significantly reduced by providing the buyer and the sellers with near-perfect information about one another, including information about buyer preferences and competing sellers' offers. The system implements a buyer's auction with multidimensional bidding that minimizes market intelligence, search, bargaining and transaction execution costs and thus creates more competitive, frictionless markets. Buyers and sellers can efficiently conduct the buyer's auction within a unified environment, thereby minimizing buyer integration costs as well. The buyer's auction generates commercially marketable proprietary information and a revenue stream for the auctioneer providing such a service.
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