System and method for performing a progressive second price auction technique
- Summary
- Lead Inventors: Semret Nemo; Lazar AurelA system and method for performing a progressive second price auction technique in order to effectively allocate a finite resource among competing requestors.The method involves retrieving data indicative of an initial bid comprising a quantity data component and a price data component subsequently retrieving another data indicative of a new bid. Initial allocation of resource is done based upon the price component of the initial bid with price component higher than the new bid. If some portion of the resource has not yet been allocated, it is allocated to the new bid. The new bid's cost is calculated based upon the price component of the other bids which would have been allocated the resource but for the new bid.The present technique leads to a more efficient allocation system, where each bidder is encouraged to bid its true valuation for the resource and is discouraged from using inefficient bidding strategies. The technique is highly applicable in allocating premium bandwidth by an Internet Service Provider.
- Detailed Technology Description
- A system and method for performing a progressive second price auction technique in order to effectively allocate a finite resource among competing requestors.The method involves retrieving data indicative of an initial bid comprising a quantity...
- *Abstract
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None
- *Inquiry
- Calvin Chu Columbia Technology Ventures Tel: (212) 854-8444 Email: TechTransfer@columbia.edu
- *IR
- MS98/03/16A
- *Principal Investigator
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- *Web Links
- http://www.comet.columbia.edu/~aurel/Patent number: JP2002540510USPTO: US 7,177,832
- Country/Region
- USA
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