The patent badge is an abbreviated version of the USPTO patent document. The patent badge does contain a link to the full patent document.
The patent badge is an abbreviated version of the USPTO patent document. The patent badge covers the following: Patent number, Date patent was issued, Date patent was filed, Title of the patent, Applicant, Inventor, Assignee, Attorney firm, Primary examiner, Assistant examiner, CPCs, and Abstract. The patent badge does contain a link to the full patent document (in Adobe Acrobat format, aka pdf). To download or print any patent click here.
Patent No.:
Date of Patent:
Nov. 07, 2006
Filed:
Apr. 17, 2000
Peter R. Wurman, Raleigh, NC (US);
Michael P. Wellman, Ann Arbor, MI (US);
Peter R. Wurman, Raleigh, NC (US);
Michael P. Wellman, Ann Arbor, MI (US);
The Regents of the University of Michigan, Ann Arbor, MI (US);
Abstract
A method and computer system for conducting a progressive, price-driven combinatorial auction wherein equilibrium prices supporting optimal allocation are provided. The auction mechanism allows bids on bundles and uses an innovative price setting mechanism that ensures that the bundle prices reported by the auction have the property that each participant's or bidder's tentative allocation maximizes the value reported in the participant's bid. The auction is progressive, and requires that a participant's new bid improves his previous bid in a precisely defined manner. The auction terminates when no participant submits a new bid, or according to some other specified criterion.