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.
Type:
Application
Filed:
May 8, 2014
Publication date:
August 28, 2014
Applicant:
Perfect Commerce, LLC
Inventors:
Marc Porat, Kevin J. Surace, Paul Milgrom
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.
Type:
Grant
Filed:
December 20, 2012
Date of Patent:
May 27, 2014
Assignee:
Perfect Commerce, LLC
Inventors:
Marc Porat, Kevin J. Surace, Paul Milgrom
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.
Type:
Grant
Filed:
June 6, 2011
Date of Patent:
December 25, 2012
Assignee:
Perfect Commerce, LLC
Inventors:
Marc Porat, Kevin J. Surace, Paul Milgrom
Abstract: A method for managing sourcing requests. The method utilizes a computer interface to collect the sourcing request and present that sourcing request to a sourcing agent. The method also utilizes a computer interface to allow the sourcing agent to initiate and conduct a sourcing protocol that provides a list of results from which the sourcing agent can select the most appropriate sourcing solution for an organization. A computer program product comprising a non-transitory computer medium with instructions to collect sourcing request data, determine whether the sourcing program needs modification and modifying the sourcing program.
Type:
Application
Filed:
April 19, 2012
Publication date:
October 25, 2012
Applicant:
Perfect Commerce, LLC.
Inventors:
Jason E. Vincelette, Nathan E. Lienard, Barclay D. Schell
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.
Type:
Grant
Filed:
July 30, 2009
Date of Patent:
June 7, 2011
Assignee:
Perfect Commerce, LLC
Inventors:
Marc Porat, Kevin J. Surace, Paul Milgrom