Determining a demand function for an item
OwnerKemal GULER, Tongw ei Liu +1inventors
InventorsKemal GULER, Tongw ei Liu, Hsiu-Khuern Tang
Life of this patent
Estimating the term…
Abstract
An embodiment in accordance with the present invention provides a method for determining a demand function for an item. For example, the method includes determining a first estimate of the demand function for the item by utilizing a first auction having a first set of auction parameters. Additionally, the method includes determining a second estimate of the demand function for the item by utilizing a second auction using auction data from the first auction. The second auction has a second set of auction parameters based on the first estimate of the demand function.
Claims13
A computer readable storage medium having readable code embodied therein for causing a computer system to perform operations comprising:
- (a) determining a sample size for estimating a demand function for an item;
- (b) configuring first auction parameters for a first auction to minimize cost of collecting said sample size;
- (c) determining a first estimate of said demand function for said item utilizing bid data of said first auction;
- (d) in response to a pre-established criterion not being satisfied, determining a second estimate of said demand function by utilizing a second auction, said second auction having second auction parameters based on said first estimate of said demand function.
A computer-implemented automated demand estimator system for estimating demand of a given item, comprising:
- a sample size determiner that determines a minimum auction sample size for estimating said demand for a specified accuracy;
- an auction configurer that configures auction parameters to minimize cost of collecting said sample size for estimating said demand;
- and
- a demand function estimator that generates a demand function estimation for said item utilizing bid data of an auction having said auction parameters.
Dependencies are inferred from the claim text.