Richard Patterson

Title: Richard Patterson: Innovator in Fee Management Solutions

Introduction

Richard Patterson is an accomplished inventor based in Ridgefield, CT (US). He has made significant contributions to the field of economic relationships through his innovative patent. His work focuses on optimizing service fee discount management, which is crucial for businesses aiming to maximize profits while managing costs effectively.

Latest Patents

Richard Patterson holds a patent titled "Optimal service fee discount management." This invention addresses the economic relationship between a first party and multiple second parties in the context of providing goods and services for a fee. The patent outlines a method for estimating costs incurred by the first party due to the loss of some second parties. It also includes the development of a response curve that correlates second party loss probability with fee adjustments. Ultimately, the invention aims to determine an optimal modification to the fee that maximizes profits for the first party.

Career Highlights

Richard Patterson is associated with International Business Machines Corporation (IBM), where he applies his expertise in economic analysis and fee management. His innovative approach has positioned him as a valuable asset within the company, contributing to its reputation for cutting-edge solutions.

Collaborations

Richard has collaborated with notable colleagues such as Diane J Gherson and Nickle J LaMoreaux. These partnerships have fostered a creative environment that encourages the development of innovative solutions in the field of economic relationships.

Conclusion

Richard Patterson's work in optimizing service fee discount management exemplifies the impact of innovation on business profitability. His contributions continue to influence the way companies approach economic relationships and fee structures.