(54) SYSTEM AND METHOD FOR AN
EFFICIENT DYNAMIC MULTI-UNIT
(75) Inventor: Lawrence M. Ausubel, Washington,
(73) Assignee: Efficient Auctions LLC, Washington, DC (US)
( * ) Notice: Subject to any disclaimer, the term of this patent is extended or adjusted under 35 U.S.C. 154(b) by 1241 days.
(21) Appl. No.: 09/898,483
(22) Filed: Jul. 5, 2001
(65) Prior Publication Data
US 2002/0052828 Al May 2, 2002
Related U.S. Application Data
(63) Continuation-in-part of application No. 09/573,007, filed on May 18, 2000.
(60) Provisional application No. 60/294,246, filed on May 31, 2001, provisional application No. 60/293,510, filed on May 29, 2001, provisional application No. 60/229,600, filed on Sep. 5, 2000, provisional application No. 60/216,338, filed on Jul. 5, 2000.
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.
80 Claims, 12 Drawing Sheets