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US 8,046,279 B2Granted
System and method for comparing results of multiple lot auctions using different sequencing rules
AssigneeHewlett-Packard Development Company, L.P.
InventorsKemal Guler, Hsiu-Khuern Tang
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Abstract
A system and method comprises simulating a multiple lot auction using a sequencing rule until bidding on all lots is closed, simulating the multiple lot auction using a different sequencing rule until bidding on all lots is closed, and comparing results of the simulated auctions with both sequencing rules.
Claims22
A method of evaluating sequencing rules for a multiple lot auction, comprising:
- obtaining a next set of bids from a plurality of simulated bidders;
- simulating the multiple lot auction using the next set of bids and a sequencing rule until simulated bidding on all lots is closed,
- wherein the simulating comprises:
- identifying a set of potentially profitable lots for each bidder based on current simulated bid prices;
- determining first and second utilities for each potentially profitable lot for each bidder wherein the first and second utilities are calculated as a function of a variable representing the bidder's aversion to risk, and the first utility is for a set of the profitable lots the bidder is currently winning and the second utility is for a set of the profitable lots the bidder will win if bids for the set are accepted;
- calculating a utility gain value based on a difference between the first and second utilities;
- and
- accepting bids for lots from the multiple lot auction based on the utility gain value;
- simulating the multiple lot auction using a different sequencing rule until bidding on all lots is closed;
- and
- comparing results of the simulated auctions with both sequencing rules, wherein the sequencing rules determine how closing times for accepting any bids are ordered among each of the lots.
8 more elements
A storage medium containing code that can be executed by a processor and, when executed, causes the processor to:
- select a first sequencing rule that dictates how multiple lots in a multiple lot auction are to be auctioned to bidders;
- simulate a multiple lot auction using said first sequencing rule until bidding on all lots is closed wherein the processor is caused to simulate the multiple lot auction by identifying a set of potentially profitable lots for each bidder based on current simulated bid prices;
- determining first and second utilities for each potentially profitable lot for each bidder wherein the first and second utilities are calculated as a function of a variable representing the bidder's aversion to risk, and the first utility is for a set of the profitable lots the bidder is currently winning and the second utility is for a set of the profitable lots the bidder will win if bids for the set are accepted;
- calculating a utility gain value based on a difference between the first and second utilities;
- and accepting bids for lots from the multiple lot auction based on the utility gain value;
- evaluate results of the auction;
- select a second sequencing rule, simulate the multiple lot auction using said second sequencing rule until simulated bidding on all lots is closed, and evaluate results of the auction, wherein the first and second sequencing rules determine how closing times for accepting any bids are ordered among each lot of the multiple lot auction;
- and
- determine a metric for each simulated auction.
6 more elements
A system, comprising:
- a processor;
- and
- storage coupled to the processor and containing an application that is executable by the processor;
- wherein, when executed, the application causes the processor to simulate a multiple lot auction using a plurality of sequencing rules and determine a metric associated with each simulated multiple lot auction, the metric usable to evaluate results of the simulated multiple lot auction, wherein the plurality of sequencing rules determine how closing times for accepting any bids are ordered among each of lot of the multiple lot auction,
- and the processor is caused to simulate the multiple lot auction by identifying a set of potentially profitable lots for each bidder of a plurality of bidders based on current simulated bid prices;
- determining first and second utilities for each potentially profitable lot for each bidder wherein the first and second utilities are calculated as a function of a variable representing the bidder's aversion to risk, and the first utility is for a set of the profitable lots the bidder is currently winning and the second utility is for a set of the profitable lots the bidder will win if bids for the set are accepted;
- calculating a utility gain value based on a difference between the first and second utilities;
- and accepting bids for lots from the multiple lot auction based on the utility gain value.
5 more elements
A system, comprising:
- means for simulating bids in a simulated multiple lot auction, wherein the simulating comprises identifying a set of potentially profitable lots for each bidder of a plurality of bidders based on current simulated bid prices;
- determining first and second utilities for each potentially profitable lot for each bidder wherein the first and second utilities are calculated as a function of a variable representing the bidder's aversion to risk, and the first utility is for a set of the profitable lots the bidder is currently winning and the second utility is for a set of the profitable lots the bidder will win if bids for the set are accepted;
- calculating a utility gain value based on a difference between the first and second utilities;
- and accepting bids for lots from the multiple lot auction based on the utility gain value;
- means for selecting a bid from the simulated bids for each of a plurality of lots in the multiple lot auction;
- means for sequencing bidding on each of the plurality of lots in accordance with a first sequencing rule, wherein the first sequencing rule determines how closing times for accepting any bids are ordered among each of the lots;
- and
- means for determining a first metric associated with the simulated multiple lot auction.
5 more elements
Dependencies are inferred from the claim text.