Patents Assigned to Efficient Auctions LLC
-
Patent number: 8224743Abstract: This invention defines a computer system for conducting an auction of a plurality of items including receiving bids and determining an allocation of at least one of the items, the auction including a dynamic auction phase followed by a later phase.Type: GrantFiled: May 27, 2010Date of Patent: July 17, 2012Assignee: Efficient Auctions, LLCInventors: Lawrence M. Ausubel, Peter C. Cramton, Paul R. Milgrom
-
Patent number: 7966247Abstract: An automated system for conducting an auction and a method for operating the system. The system comprises a plurality of bid entry terminal and a bidding information processor communicatively coupled to the bid entry terminals. Bidders at the bid entry terminals observe displayed information and enter bids accordingly. The bidding information processor and the bid entry terminals communicate and process information in order to conduct an auction. The method involves conducting an auction in which the price paid by bidders is independent of their own bids, in which participants are provided with information concerning their competitors' bids as the auction progresses, and in which the confidentiality of high values is maintained. This provides the advantage of improving the economic efficiency of the auction design over the existing art.Type: GrantFiled: September 19, 2005Date of Patent: June 21, 2011Assignee: Efficient Auctions LLCInventor: Lawrence M. Ausubel
-
Publication number: 20110082762Abstract: This invention defines a computer system for conducting an auction of a plurality of items including receiving bids and determining an allocation of at least one of the items, the auction including a dynamic auction phase followed by a later phase.Type: ApplicationFiled: May 27, 2010Publication date: April 7, 2011Applicant: Efficient Auctions LLCInventors: Lawrence M. Ausubel, Peter C. Cramton, Paul R. Milgrom
-
Patent number: 7774264Abstract: A computer implemented system and method of executing an auction. The system has at least two intelligent systems, one for the auctioneer and at least one for a user. The auction is conducted by the auctioneer's system communicating with the user system(s). The auctioneer's system receives information from the user system(s) based on bid information entered by the user(s). With this information the auctioneer's system determines whether the auction can be concluded or not and appropriate messages are transmitted to the user(s).Type: GrantFiled: July 20, 2007Date of Patent: August 10, 2010Assignee: Efficient Auctions LLCInventor: Lawrence M. Ausubel
-
Patent number: 7729975Abstract: The present invention primarily concerns hybrid auctions that may, for example, combine a clock auction with a proxy auction. Hybrid auctions include multi-item auctions that comprise at least two phases of package auctions: an earlier phase in which bidders participate in a clock auction (or other dynamic auction); and a later phase in which bidders participate in a proxy auction (or some other package auction). By combining the earlier phase and the later phase as in some of the embodiments described herein, it is possible to combine the advantages of the dynamic auction and the advantages of the sealed-bid package auction. In particular, if the earlier phase is a clock auction and the later phase is a proxy auction, then the resulting hybrid auction will combine the transparency and simplicity of the clock auction with the efficient outcome and competitive revenues of the proxy auction.Type: GrantFiled: November 8, 2004Date of Patent: June 1, 2010Assignee: Efficient Auctions LLCInventors: Lawrence M. Ausubel, Peter C. Cramton, Paul R. Milgrom
-
Publication number: 20090094136Abstract: 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.Type: ApplicationFiled: December 15, 2008Publication date: April 9, 2009Applicant: Efficient Auctions LLCInventor: Lawrence M. Ausubel
-
Patent number: 7467111Abstract: 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.Type: GrantFiled: January 12, 2007Date of Patent: December 16, 2008Assignee: Efficient Auctions LLCInventor: Lawrence M. Ausubel
-
Patent number: 7337139Abstract: An automated system for conducting an auction and a method for operating the system. The system comprises a plurality of bid entry terminal and a bidding information processor communicatively coupled to the bid entry terminals. Bidders at the bid entry terminals observe displayed information and enter bids accordingly. The bidding information processor and the bid entry terminals communicate and process information in order to conduct an auction. The method involves conducting an auction in which the price paid by bidders is independent of their own bids, in which participants are provided with information concerning their competitors' bids as the auction progresses, and in which the confidentiality of high values is maintained. This provides the advantage of improving the economic efficiency of the auction design over the existing art.Type: GrantFiled: September 15, 1999Date of Patent: February 26, 2008Assignee: Efficient Auctions, LLCInventor: Lawrence M. Ausubel
-
Patent number: 7249027Abstract: A computer implemented system and method of executing an auction. The system has at least two intelligent systems, one for the auctioneer and at least one for a user. The auction is conducted by the auctioneer's system communicating with the user system(s). The auctioneer's system receives information from the user system(s) based on bid information entered by the user(s). With this information the auctioneer's system determines whether the auction can be concluded or not and appropriate messages are transmitted to the user(s).Type: GrantFiled: January 3, 2000Date of Patent: July 24, 2007Assignee: Efficient Auctions LLCInventor: Lawrence M. Ausubel
-
Publication number: 20070124233Abstract: 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.Type: ApplicationFiled: January 12, 2007Publication date: May 31, 2007Applicant: Efficient Auctions LLCInventor: Lawrence Ausubel
-
Publication number: 20070055606Abstract: The present invention is a system and method for a computer-implemented auction wherein a hybrid auction combining elements of a clock auction and a proxy auction. In particular, if the earlier phase (104) is a clock auction and the later phase (108) is a proxy auction, then the resulting hybrid auction will combine the transparency and the simplicity of the clock auction with the efficiency outcome and competitive revenues of the proxy auction. The system includes receiving bids (118), determining an outcome (134) and outputting the results (136).Type: ApplicationFiled: November 8, 2004Publication date: March 8, 2007Applicant: Efficient Auctions LLCInventors: Lawrence Ausubel, Peter Cramton, Paul Milgrom
-
Patent number: 7165046Abstract: 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.Type: GrantFiled: July 5, 2001Date of Patent: January 16, 2007Assignee: Efficient Auctions LLCInventor: Lawrence M. Ausubel
-
Publication number: 20060167787Abstract: A method and apparatus allow the computer based implementation of an auction of heterogeneous types of items wherein one or more types of the items may include plural items. At any point in the bidding process, the set of feasible assignments of the items, given the bidding state is the set of all possible allocations of the available quantity of the types of items to the bidders, subject to satisfying all the constraints on the assignment of the goods, the constraints on the bidding process and the constraints posed by the bidding state. Depending on the particulars of the bids, there may be one or more items (of one or more types) which are only included in the bid of a single bidder. The bidding is constrained such that once an item is uniquely spoken for, that bidder is guaranteed to receive the item. The item is said to be desired by only one bidder and such item is assigned to that bidder at the time. The auction continues until all items are assigned.Type: ApplicationFiled: February 8, 2006Publication date: July 27, 2006Applicant: Efficient Auctions LLCInventor: Lawrence Ausubel
-
Patent number: 7062461Abstract: A method and apparatus allow the computer based implementation of an auction of heterogeneous types of items wherein one or more types of the items may include plural items. At any point in the bidding process, the set of feasible assignments of the items, given the bidding state, is the set of all possible allocations of the available quantity of the types of items to the bidders, subject to satisfying all the constraints on the assignment of the items, the constraints on the bidding process and the constraints posed by the bidding state. There may be a time in the auction when, based on the bidding state, one or more items (of one or more types) can only be assigned to one particular bidder in any feasible assignment, i.e., the particular bidder is guaranteed to be assigned the item. Such item is assigned to such bidder at such time.Type: GrantFiled: May 18, 2000Date of Patent: June 13, 2006Assignee: Efficient Auctions LLCInventor: Lawrence M. Ausubel