Multi-attribute auction methodology and system

A way to conduct complex transactions by auction efficiently and with a high degree of automation is provided by a methodology for conducting auctions in which bids contain multiple attributes, as opposed to a single attribute (price). Bidders are requested to specify values for each of a set of att...

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Bibliographic Details
Main Author WU FREDERICK YUNG-FUNG
Format Patent
LanguageEnglish
Published 03.04.2007
Subjects
CALCULATING
COMPUTING
COUNTING
DATA PROCESSING SYSTEMS OR METHODS, SPECIALLY ADAPTED FORADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORYOR FORECASTING PURPOSES
PHYSICS
SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE,COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTINGPURPOSES, NOT OTHERWISE PROVIDED FOR
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Summary:A way to conduct complex transactions by auction efficiently and with a high degree of automation is provided by a methodology for conducting auctions in which bids contain multiple attributes, as opposed to a single attribute (price). Bidders are requested to specify values for each of a set of attributes, which can include transaction terms as well as product and/or service specifications. The bids are evaluated according to criteria that are functions of these attributes in order to reject losing bids and assist the auctioneer in selecting the winning bid(s).
Bibliography:Application Number: US20000545568