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. 05, 2013
Filed:
Sep. 23, 2010
Paul R. Milgrom, Stanford, CA (US);
David J. Salant, Tiburon, CA (US);
Paul R. Milgrom, Stanford, CA (US);
David J. Salant, Tiburon, CA (US);
Auction Technologies, LLC, Tiburon, CA (US);
Abstract
A system and method for adjusting prices and/or quantities of products in a multi-product clock auction are disclosed. An auction manager module determines first prices for the products and subsequently receives first bids from one or more bidding devices based on the first prices. After receiving first bids using the first prices, the auction manager module modifies the first prices to generate adjusted prices if the first bids indicate a product is oversubscribed. After receiving second bids using the adjusted prices, if a product is undersubscribed, the auction manager module rolls back the adjusted price of the undersubscribed product to the first price. In one embodiment, the auction manager module also rolls back product quantities from the second bids to quantities from the first bids if such a modification alleviates product undersubscription.