U.S. patent application number 14/214681 was filed with the patent office on 2014-09-18 for system and method for using asset profile information in connection with an online auction in order to determine auction outcome and/or pricing.
This patent application is currently assigned to Auction.com, LLC. The applicant listed for this patent is Auction.com, LLC. Invention is credited to Harshal Dedhia, Todd Gladis, Sheridan Hitchens.
Application Number | 20140279162 14/214681 |
Document ID | / |
Family ID | 51532396 |
Filed Date | 2014-09-18 |
United States Patent
Application |
20140279162 |
Kind Code |
A1 |
Gladis; Todd ; et
al. |
September 18, 2014 |
SYSTEM AND METHOD FOR USING ASSET PROFILE INFORMATION IN CONNECTION
WITH AN ONLINE AUCTION IN ORDER TO DETERMINE AUCTION OUTCOME AND/OR
PRICING
Abstract
An auction is conducted for an online auction environment. A set
of characteristics are determined for a given asset of the auction,
and asset profile information is determined for the given asset
based on the set of characteristics. In particular, the asset
profile information can be determined from one or more prior
auctions provided at the online auction environment. The asset
profile information can be based on one or more corresponding
assets, each of which are deemed to be comparable to the given
asset based on the one or more corresponding assets each having a
set of characteristics that are similar to the set of
characteristics of the given asset of the auction. A prediction is
made as to whether the auction of the given asset will be
successful based at least in part on the asset profile
information.
Inventors: |
Gladis; Todd; (San Clemente,
CA) ; Dedhia; Harshal; (Irvine, CA) ;
Hitchens; Sheridan; (Irvine, CA) |
|
Applicant: |
Name |
City |
State |
Country |
Type |
Auction.com, LLC |
Irvine |
CA |
US |
|
|
Assignee: |
Auction.com, LLC
Irvine
CA
|
Family ID: |
51532396 |
Appl. No.: |
14/214681 |
Filed: |
March 15, 2014 |
Related U.S. Patent Documents
|
|
|
|
|
|
Application
Number |
Filing Date |
Patent Number |
|
|
61852086 |
Mar 15, 2013 |
|
|
|
61852087 |
Mar 15, 2013 |
|
|
|
61852399 |
Mar 15, 2013 |
|
|
|
Current U.S.
Class: |
705/26.3 |
Current CPC
Class: |
G06Q 30/0641 20130101;
G06Q 30/0202 20130101; G06Q 30/0601 20130101; G06Q 30/08 20130101;
G06Q 10/04 20130101 |
Class at
Publication: |
705/26.3 |
International
Class: |
G06Q 30/08 20060101
G06Q030/08 |
Claims
1. A method for conducting an auction in an online auction forum,
the method being implemented by one or more processors and
comprising: (a) determining a set of characteristics of a given
asset of an auction; (b) determining asset profile information for
the given asset from one or more prior auctions provided at the
online auction forum, the asset profile information being based on
one or more corresponding assets, each of which are deemed to be
comparable to the given asset based on the one or more
corresponding assets each having a corresponding set of
characteristics that are similar to the set of characteristics of
the given asset; and (c) predicting whether the auction of the
given asset will be successful based at least in part on the asset
profile information.
2. The method of claim 1, wherein (c) is based at least in part on
a reserve price of the auction.
3. The method of claim 1, wherein (b) includes determining one or
more categories and one or more subcategories of the given asset,
wherein the one or more corresponding assets have the one or more
categories and the one or more subcategories of the given
asset.
4. The method of claim 1, wherein the given asset corresponds to a
real-property asset, and wherein (b) includes determining
comparable real-property assets that have previously been
auctioned.
5. The method of claim 1, further comprising determining a profile
of one or more bidders of the auction, and wherein (c) is based at
least in part on the profile of the one or more bidders.
6. The method of claim 5, wherein determining the profile of the
one or more bidders includes determining prior bidding activity of
each of the one or more bidders.
7. The method of claim 1, wherein (c) includes determining a
probability as to whether the auction will be successful for each
of one or more reserve prices.
8. A method for conducting an auction in an online auction forum,
the method being implemented by one or more processors and
comprising: (a) determining a set of characteristics of a given
asset of an auction; (b) determining asset profile information for
the given asset from one or more prior auctions provided at the
online auction forum in which a corresponding asset was is deemed
comparable to the given asset based on the corresponding asset
having a set of characteristics that are similar to the set of
characteristics of the given asset; (c) determining a reserve price
of the auction based at least in part on the asset profile
information.
9. The method of claim 8, wherein (c) includes programmatically
selecting a reserve price for the seller based at least in part on
the asset profile information.
10. The method of claim 8, wherein (c) includes determining one or
more probabilities for the auction of the given asset being
successful with each of one or more reserve prices, wherein
determining the one or more probabilities is based at least in part
on the asset profile information.
11. The method of claim 8, wherein (c) includes generating a
recommendation for the seller to reduce the reserve price while the
auction is ongoing.
12. The method of claim 8, wherein (b) includes determining one or
more categories and one or more subcategories of the given asset,
wherein the one or more corresponding assets have the one or more
categories and the one or more subcategories of the given
asset.
13. The method of claim 8, wherein the given asset corresponds to a
real-property asset, and wherein (b) includes determining
comparable real-property assets that have previously been
auctioned.
14. A non-transitory computer-readable medium for conducting an
auction in an online auction forum, the non-transitory
computer-readable medium including instructions that, when executed
by one or more processors, cause a computing system of the one or
more processors to perform operations that include: (a) determine a
set of characteristics of a given asset of an auction; (b)
determine an asset profile information for the given asset from one
or more prior auctions provided at the online auction forum, the
asset profile information being based on one or more corresponding
assets, each of which are deemed comparable to the given asset
based on the one or more corresponding assets each having a
corresponding set of characteristics that are similar to the set of
characteristics of the given asset; and (c) predict whether the
auction of the given asset will be successful based at least in
part on the asset profile information.
15. The non-transitory computer-readable medium of claim 14,
wherein (c) is based at least in part on a reserve price of the
auction.
16. The non-transitory computer-readable medium of claim 14,
wherein (b) includes instructions for determining one or more
categories and one or more subcategories of the given asset,
wherein the one or more corresponding assets have the one or more
categories and the one or more subcategories of the given
asset.
17. The non-transitory computer-readable medium of claim 14,
wherein the given asset corresponds to a real-property asset, and
wherein (b) includes instructions for determining comparable
real-property assets that have previously been auctioned.
18. The non-transitory computer-readable medium of claim 14,
further comprising determining a profile of one or more bidders of
the auction, and wherein instructions for performing (c) is based
at least in part on the profile of the one or more bidders.
19. The non-transitory computer-readable medium of claim 18,
wherein instructions for determining the profile of the one or more
bidders includes instructions for determining prior bidding
activity of each of the one or more bidders.
20. The non-transitory computer-readable medium of claim 14,
wherein (c) includes instructions for determining a probability as
to whether the auction will be successful for each of one or more
reserve prices.
Description
RELATED APPLICATIONS
[0001] This application claims benefit of priority to:
[0002] Provisional U.S. Patent Application No. 61/852,399, filed
Mar. 15, 2013;
[0003] Provisional U.S. Patent Application No. 61/852,086, filed
Mar. 15, 2013; and
[0004] Provisional U.S. Patent Application No. 61/852,087, filed
Mar. 15, 2013;
[0005] Each of the aforementioned priority applications being
hereby incorporated by reference in their respective entirety.
TECHNICAL FIELD
[0006] Examples described herein relate to online auctions, and
more specifically to a system and method for profiling auction
assets and/or participants to predict an auction outcome.
BACKGROUND
[0007] Numerous online auction forums exist that enable consumers
and sellers to transact for various kinds of items, such as
collectibles, electronics and other goods or services. As online
auctions become more commonplace, more expensive assets are
transacted through the auction forums. In particular, assets such
as real property items are regularly exchanged by way of online
auctions, often in situations where participants bid on assets
using online tools and research.
BRIEF DESCRIPTION OF THE DRAWINGS
[0008] FIG. 1 illustrates an example system for implementing an
auction forum in which profiling is used to determine information
for predicting auction outcomes.
[0009] FIG. 2 illustrates an example method for determining a
bidder profile for purpose of providing predictive information for
an auction.
[0010] FIG. 3 illustrates an example method for determining an
asset profile for purpose of providing predictive information for
an auction.
[0011] FIG. 4 illustrates an example method for providing
predictive information to a seller for purpose of enabling the
seller to take action to successfully complete the auction.
[0012] FIG. 5 illustrates an example method for detecting bidder
activity that can be correlated to bidder interests for purpose of
predicting auction activity.
[0013] FIG. 6 illustrates an example of a dashboard for use by a
seller to manage one or more auctions.
[0014] FIG. 7 illustrates an example of an auction interface that
incorporates the use of predictive information.
[0015] FIG. 8 is a block diagram that illustrates a computer system
upon which some embodiments described herein may be
implemented.
DETAILED DESCRIPTION
[0016] Examples described herein include a system and method for
profiling auction assets and/or participants to predict an auction
outcome.
[0017] More specifically, examples described herein pertain to
conducting an auction in an online auction environment. In an
embodiment, a profile of one or more users of the online auction
environment is developed. The profile of each user can be based at
least in part on historical auction activity of that user. An
auction hosted in the online auction environment is monitored. A
prediction is determined as to whether the auction will be
successful based at least in part on the profile of the one or more
users that are participating in the auction.
[0018] In a variation, one or more predictive reserve prices are
determined for the auction based at least in part on the profile of
one or more users that are participating in the auction. By way of
example, the determined reserve price(s) can be probabilistic.
[0019] In another variation, a predicted transaction price (e.g.,
top or winning bid) is determined for the auction based at least in
part on the profile of one or more users that are participating in
the auction. Also as an example, the determined transaction price
can be probabilistic.
[0020] According to another embodiment, an auction is conducted for
an online auction environment. A set of characteristics are
determined for a given asset of the auction, and asset profile
information is determined for the given asset based on the set of
characteristics. In particular, the asset profile information can
be determined from one or more prior auctions provided at the
online auction environment. The asset profile information can be
based on one or more corresponding assets, each of which are deemed
to be comparable to the given asset based on the one or more
corresponding assets each having a set of characteristics that are
similar to the set of characteristics of the given asset of the
auction. A prediction is made as to whether the auction of the
given asset will be successful based at least in part on the asset
profile information.
[0021] By way of example, the prediction can be (i) probabilistic,
include so as to multiple possible outcomes and probabilities, (ii)
value based, to indicate specific values, and/or (iii) binary
("yes" or "no") or qualitative ("good" or "lower reserve
price").
[0022] In a variation, the asset profile information is used to
determine a reserve price of the auction. By way of example, the
determined reserve price can be probabilistic.
[0023] In another example, one or more auctions of a seller are
monitored. An interface is provided that includes auction event
information for each of the one or more auctions of the seller. As
an example, the auction event information can include a top bid,
and an indication as to whether a reserve price has been met.
Predictive information is determined for each of the one or more
auctions of the seller. Information is displayed based on the
predictive information using the interface. The displayed
information can indicate a probability as to whether the auction
will be successful.
[0024] Still further, in some embodiments, non-bidding activity of
one or more bidders of an auction is detected over an online
interface of the auction environment. The activity of the one or
more bidders is detected while the one or more bidders are
participating in the auction. The non-bidding activity is
correlated to an interest metric for the auction. Information is
communicated that is based on the interest metric. The information
can be communicated to either a seller or a bidder of the
auction
[0025] A user can be a participant of the auction by performing
some activity in connection with that auction, such as bidding,
registering for the auction, or actively monitoring the auction
(e.g., viewing a web page of the auction).
[0026] In at least some embodiments, an online auction environment
can be provided from a website where an auction is conducted.
[0027] An auction is successful if it ends with a transaction,
meaning a transaction price has been determined from the auction,
and the transaction has been completed (e.g., exchange of funds and
item being auctioned) after the auction is completed. In typical
cases, a successful auction is provided by a user providing a bid
that exceeds a reserve price of the seller (if one is specified). A
successful auction can also occur when the highest bid fails to
exceed the reserve price, but the seller agreed to accept the
higher bid even though the reserve was not met. Additionally,
instances can occur when a bidder or seller fails to follow through
on the transaction after the auction is complete. For example, the
highest bidder may renege on the auction after it is complete. In
real-estate, a closing process may follow the auction which can
result in the transaction falling through when one or both parties
to the transaction back out. Thus, in some instances, the
successful auction will also mean that the highest bidder will have
their bid accepted (e.g., above reserve, or below reserve and
accepted by seller) and will also follow through on the transaction
after the auction is complete.
[0028] The profile of individual users can include a quantitative
and/or qualitative assessment of each user as a bidder, seller or
other participant (e.g., viewer) of auctions. According to one
aspect, the profile can include or correspond to a score, which
quantitatively assesses the user in an auction role (buyer,
seller). For example, the score of the user can assess the quality
of the user as a bidder.
[0029] In one aspect, a user registers for an auction by performing
a registration action through the online auction environment. The
registration action can correspond to the user providing log-in
information or user identifier through, for example, a network site
where the online auction environment is provided. Alternatively,
the registration action can correspond to the user sending a
communication to the online auction environment or seller to
request participation in a particular auction.
[0030] Additionally, in some examples a user can participate in an
auction as a bidder by registering for the specific auction. For
example, a user may have an account for an auction forum that
grants the user the right to separately register for individual
auctions. When the user identifies an auction of interest, the user
can follow a sign-in or registration process that identifies the
user as a bidder for the particular auction.
[0031] A user can participate in an auction as a bidder by
monitoring the auction, and showing interest as a potential bidder.
For example, a bidder can correspond to a user who registers for an
auction. Such a user can correspond to a bidder whether the user
actually provided a bid or not in the auction.
[0032] Among other benefits, examples described herein achieve a
technical effect by providing enhanced user interfaces to computing
devices that incorporate predictive information to guide
participant conduct, such as setting reserve price or anticipating
successful outcome. Further, the predictive information can be
computationally determined through analysis of database records of
prior auction activity. Such analysis can determine profile
information for bidders as well as assets, and such profile
information can in turn be used to make predictive determinations
for guiding user actions in the online auction. In this way, a
technical effect is achieved, through, for example, the electronic
publication of content that communicates predictive information for
guiding participant behavior.
[0033] One or more embodiments described herein provide that
methods, techniques and actions performed by a computing device are
performed programmatically, or as a computer-implemented method.
Programmatically means through the use of code, or
computer-executable instructions. A programmatically performed step
may or may not be automatic.
[0034] One or more embodiments described herein may be implemented
using programmatic modules or components. A programmatic module or
component may include a program, a subroutine, a portion of a
program, or a software component or a hardware component capable of
performing one or more stated tasks or functions. As used herein, a
module or component can exist on a hardware component independently
of other modules or components. Alternatively, a module or
component can be a shared element or process of other modules,
programs or machines.
[0035] Furthermore, one or more embodiments described herein may be
implemented through the use of instructions that are executable by
one or more processors. These instructions may be carried on a
computer-readable medium. Machines shown or described with figures
below provide examples of processing resources and
computer-readable mediums on which instructions for implementing
embodiments of the invention can be carried and/or executed. In
particular, the numerous machines shown with embodiments of the
invention include processor(s) and various forms of memory for
holding data and instructions. Examples of computer-readable
mediums include permanent memory storage devices, such as hard
drives on personal computers or servers. Other examples of computer
storage mediums include portable storage units, such as CD or DVD
units, flash or solid state memory (such as carried on many cell
phones and consumer electronic devices) and magnetic memory.
Computers, terminals, network enabled devices (e.g., mobile devices
such as cell phones) are all examples of machines and devices that
utilize processors, memory, and instructions stored on
computer-readable mediums. Additionally, embodiments may be
implemented in the form of computer-programs, or a computer usable
carrier medium capable of carrying such a program.
[0036] Auction Architecture
[0037] FIG. 1 illustrates an example system for implementing an
auction forum in which profiling is used to determine information
for predicting auction outcomes. A system 100 such as shown by an
example of FIG. 1 can be implemented in connection with an online
auction service for any type of commercial item, such as, for
example, real property items, (e.g., homes, real-estate notes,
commercial property), motor vehicles (e.g., automobiles,
motorcycles, boats), consumer electronics, collectibles, or
clothing. However, examples recognize that predictive information
can serve a particular benefit in instances when the asset of the
transaction is more costly or requires more legal process to
complete than simple exchanges of good for process. Embodiments
recognize that in such cases, the use of predictive information can
assist successful transaction of the asset through the post-auction
stage, thereby benefiting the bidder, seller and auction forum.
[0038] In an example of FIG. 1, system 100 includes functionality
that can be implemented by processes, logical components and/or
modules. In an example of FIG. 1, system 100 includes a user
interface 110, transaction logic 120, an auction manager 130, an
auction analysis component 140, and an auction database 170. The
auction database 170 can retain records that identify items that
are to be auctioned, and/or items which are undergoing or have
completed an auction.
[0039] In some implementations, the auction database 170 is part of
an information resource system 180. As described below, one or more
profile stores can be maintained with the information resource
system 180 for purpose of analysis and determining predictive
information. The auction database 170 can retain records of
auctions, including past auctions, ongoing or current auctions, and
auctions that may be in the pre-auction state. In some
implementations, the auction database 170 is coupled to a seller
asset interface 174. The seller asset interface 174 enables
individual sellers to create records 171 that identify an item for
auction. The seller asset interface 174 can enable sellers to
specify information 163 that comprise individual records 171 of
specific auctions at a given point in time. The information 163 can
identify the item being auctioned, the terms of sale, as well as
other parameter such as a reserve price (which can be hidden from
prospective bidders). In this way, database 170 can retain records
171 of auctions in various states, including pre-auction,
in-auction (auction initiated) and post-auction (auction
completed).
[0040] The user interface 110 can include separate functionality
for sellers (seller interface component 112) and bidders (bidder
interface component 114). Generally, the bidder interface component
114 includes functionality for enabling bidders to view and
participate in an in-progress auction. Accordingly, the bidder
interface component 114 can include functionality for enabling a
bidder to specify a bid 111, and to monitor in real-time the
auction update 113 (e.g., current value of an item being auctioned,
number of bids received, whether the reserve price has been met or
not, updated top bid, etc.). The bidder interface component 114 can
be provided as, for example, a webpage that includes functional
elements for enabling the users to provide input (e.g., bids) and
to view real-time updates for the in auction while it is in
progress. In variations, the bidder interface component 114 can be
provided as application content, such as through a display or panel
of a network-enabled application. The bidder interface component
114 displays content for a particular auction, which can correspond
to information maintained about the auction. The information can be
derived from the record 171 of the auction, and can include seller
provided information regarding the asset (e.g., pictures, text
regarding the asset), as well as event information corresponding to
ongoing event such as bids received during the auction and other
information as selected through implementation or design.
[0041] The seller interface component 112 can also display auction
content for the seller. In some implementations, the functionality
provided for the seller interface component 112 can resemble that
which is provided for the bidder interface component 114. For
example, the seller interface component 112 can display auction
content, including event information (e.g., top bid, bid increment,
time remaining), on a real-time basis, so that the seller can see,
for example, the top bid, the number of bids made, the bid
increment, or the number of registered bidders for particular
auction. In some variations, functionality provided to the seller
can include the ability to lower the reserve price in appropriate
situations.
[0042] The transaction logic 120 can implement operations for
progressing the auction towards completion. As shown by an example
of FIG. 1, one or more instances of transaction logic 120 can be
implemented at a given time in order to conduct an auction and to
progress the auction towards completion. The transaction logic 120
can be coupled to database 170 to receive information 163 from
records 171 that are to be auctioned. The transaction logic 120 can
include functionality to (i) initiate an auction, (ii) advance the
auction towards completion, and (iii) end or complete the auction
when certain conditions are satisfied (e.g., after completion of
time and/or satisfaction of completion rules). In addition to
receiving and processing bids 111, the transaction logic 120
provides the auction update 113 to the user interface 110 for
participants and users of the auction. The auction update 113 can
include, for example, information such as a current price for the
item being auctioned, an amount of time remaining in the auction,
the number of bidders in the auction, whether the reserve price has
been met, and/or comments from other users. Other information that
can be updated by the transaction logic 120 and published through
the user interface 110 includes identifiers for active bidders,
recent bid amounts, current bid increment (which optionally can
change based on dynamic bid increment adjustments), comments from
other users, and information from other auctions that may be in
various states (e.g., pre-auction versus in-progress). The auction
update 113 can be published through the user interface 110 to the
population of users, including through the seller interface
component 112 and/or bidder interface component 114.
[0043] In some embodiments, each of the seller interface component
112 and bidder interface component 114 displays qualitative or
quantitative content corresponding to, or determined from
predictive information. Furthermore, the seller interface component
112 can display seller-specific content determined from predictive
information. Also, the bidder interface component 114 can display
bidder-specific content determined from the predictive information.
The content determined from the predictive information can include,
for example, a predicted transaction price (e.g., the predicted
final price an auction will close at), or probabilities as to what
different transaction prices the auction will close at (e.g., a
high probability for low price, low probability for second and
higher-price). Examples of predictive information that can be
displayed to the seller and not to the bidder via the seller
interface component 112 can include a qualitative or quantitative
prediction as to whether the reserve price will be met. As a
variation, the content determined from the predictive information
can include a recommendation as to whether the seller should change
the reserve price (e.g., lower the reserve). The recommendation can
be made subject to rules that govern when the seller can lower the
reserve price. The rules can be implemented as auction rules 133,
implemented through the auction manager 130.
[0044] In some variations, the bidder interface component 114 can
also display content such as the likelihood that the reserve price
for the auction will be met. However, as the reserve price is often
maintained hidden from the bidder, the predictive information
regarding the reserve price may be displayed without displaying the
sellers actual reserve price.
[0045] In an example of FIG. 1, the auction manager 130 monitors
the progress of the auctions through multiple stages, and initiates
instances of transaction logic 120 and user interface 110 as
necessary. In particular, the auction manager 130 triggers
transaction logic 120 to initiate a given auction, so that the
auction progresses towards completion in accordance with a set of
auction rules. The auction manager 130 operates to control
execution of the transaction logic 120, to implement functionality
such as when an auction transitions from a pre-auction state into
an active auction state, or when an auction is to end (e.g.,
subject to timer, or timer with conditions or rules).
[0046] The auction manager 130 also initiates instances of
transaction logic 120, and communicates auction rules 133 to the
transaction logic 120 in order to progress the corresponding
auctions towards completion. The auction rules 133 can also include
completion rules, such as rules which specify conditions that
affect the timing of when the auction is to end. For example, the
auction manager 130 can implement completion rules which specify
when a particular auction is to be extended based on the occurrence
of a designated event (e.g., incoming bid is received at a
designated time period before the auction is to end without
bids).
[0047] According to some embodiments, auction manager 130 also
implements a programmatic bidding component 160 to generate
programmatic bids 151 on behalf of the seller. The programmatic
bidding component 160 can implement programmatic bids 151 in
accordance with one or more auction rules 133. For example, the
programmatic bidding component 160 can generate bids 151 when the
programmatic bid is under the reserve price.
[0048] In some variations, seller bids 109 can also be provided by
the seller via the seller interface component 112. For example, the
seller bid 109 can be inputted manually from the seller through the
seller interface component 112 (or alternatively, through the
dashboard component 154). The seller bid 109 can be received by the
transaction logic 120, and used to update the top bid of the
auction, subject to conditions such as the top bod being maintained
less than the reserve price.
[0049] According to some embodiments, one or more profiling
components can be used to read data from one or more databases
and/or data stores of the information resource system 180. The
profiling components can use information, including historical
auction activity, in order to predict outcomes or parameters for a
given auction.
[0050] In one embodiment, a profiling system 145 determines
profiles for participants of the auction and/or the assets of a
particular auction. In one implementation, the profiling system 145
can include a bidder profiler 142 to develop a profile for each
bidder of an auction. The bidder profiler 142 uses information
provided from the information resource system 180 in order to
develop bidder profile information for individual bidders of a
given auction. The individual bidders can be identified by, for
example, those bidders that registered for the particular auction,
or those bidders who submitted actual bids in the course of an
auction. Thus, for example, transaction logic 120 can communicate
the identity of an individual bidder to the bidder profiler 142.
The bidder profiler 142 can submit a query 143 that identifies the
individual bidders of an auction (e.g., ongoing or pre-auction
stage), in order to obtain historical information 147 pertaining to
the particular bidder. The historical information 147 can identify,
for example, what kind of assets the bidder previously provided
bids for, the highest bid submitted by each bidder per auction, the
number of times the bidder won an auction, and/or the percentage of
auctions that the bidder won. For assets such as real estate, the
historical information 147 can further be used to obtain, for
example, the number of times that the particular bidder won an
auction, but failed to close the transaction (e.g., transaction
failed after auction closed but before transaction was completed
post-auction).
[0051] In some variations, the bidder profiler 142 can also develop
bidder profiles from information that is external to the auction
system. The bidder profiler 142 can use, for example, (i) general
information such as a credit report, income etc., and/or (ii)
specific information, such as identifying what assets a particular
bidder owns. For example, the external information may include
identifying a particular bidder as an owner of multiple strip
malls. If the asset being sold is a strip mall, the bidder profile
can score or make positive determinations as to a successful
auction outcome based on the information known about the bidder's
assets. Thus, if the bidder owns similar assets (e.g., real-estate
properties), then the bidder can be scored in a manner that
reflects a more positive outcome for the auction.
[0052] As an alternative or addition, the profiling system 145
includes an asset profiler 144. The asset profiler 144 can operate
to determine relevant historical information about a particular
asset of the auction transaction. For example, in the case of real
property items, the asset profiler 144 can obtain characteristics
of the asset of the auction, such as the geographic location of the
asset, the type of asset (e.g., single-family home, commercial
property, etc.), sub-categorization of the asset (e.g., number of
bedrooms and baths, townhome or home with lot etc.), material
characteristics (e.g., lot size, dwelling size), price range and/or
any other material considerations that may affect the value of the
asset. In one implementation, the asset profiler 144 obtains
information 163 from the record 171 of the auction. For example,
the transaction logic 120 can communicate an identifier for the
auction record 171, from which the asset profiler 144 determines
the characteristics of the asset. From the information 163, the
asset profiler 144 can determine the category and subcategory of
the particular asset. The asset profiler 144 can generate an asset
query 148 for the information resource system 180. The query 148
can identify characteristics for purpose of identifying comparable
assets with similar characteristics. Results of the query 148 can
be obtained from multiple sources, including, for example, the
auction database 170. For example, the query 148 can obtain from
the auction database 170 the auction records for prior auctions in
which the asset of the transaction had the same or similar
characteristics as that of the auction under analysis.
[0053] Furthermore, examples recognize that the transactions for
assets of real property can be obtained from information resources
that are external to the auction environment. Accordingly, some
variations include providing the information resource system 180
with an interface to other sources of information for assets. For
example, the information resource system 180 can include or be
coupled to access information from public records regarding the
sales or transactions of real estate in different geographic
locations. This information can provide an additional source of
information regarding, for example, the value of a real property
asset.
[0054] Still further, the information resource system 180 can
include sources for determining market trends that are relevant to
the particular asset. In the case of real-estate, the market trends
can include determining valuations of properties of a particular
kind and/or in specific geographic locations (e.g., counties,
neighborhoods, etc.). As an addition or alternative, the
information resource system 180 can also include Broker Price
Opinions or Automated Valuation Models for purpose of determining
valuation of real-estate assets. The asset profiler 144 can utilize
such external information to determine asset profile information
157, which further assists the determination of predictive outcomes
for an auction.
[0055] The auction analysis component 140 can utilize profile
information 155, 157 from one or both of the bidder profiler 142
and asset profiler 144. Each of profile information 155, 157 can
correspond to highly relevant historical information about
individual bidders or comparable assets, respectively. The auction
analysis component can use the profile information 155, 157 to
determine one or more of predictive information 165, reserve price
input 163, and bidder assessment 161. The profile system 145 can
also maintain profile stores 173, 175 for the bidders and/or assets
respectively for further use in subsequent auctions in which the
same bidders or similar assets are auctioned.
[0056] The bidder assessment 161 can form a quantitative or
qualitative assessment of the individual bidders of the auction. In
determining the quantitative assessment, the auction analysis
component 140 can determine, from the profile information 155, one
or more of the following: the number of times the bidder exceeded
the reserve price, the average and/or median of the bidder's
highest bids across multiple auctions, the number of times the
bidder won an auction, the bidder's ratio of auctions that the
bidder won, and/or the highest bid made by the particular bidder.
For certain transaction type such as real property assets, the
bidder assessment 161 can also identify the number of times the
bidder won the auction, but failed to close the transaction. The
bidder assessment 161 can provided as one score or rating, multiple
scores ratings, or a qualitative evaluation (e.g., "good bidder" or
"bidder that typically exceeds reserve").
[0057] The reserve price input 163 can be used to identify
predictive and/or statistical information about one or more reserve
prices for the particular auction. The reserve prices can include
the existing reserve price, or a hypothetical or possible reserve
price (e.g., should such reserve price be selected). In determining
the reserve price input 163, the auction analysis component 140 can
utilize one or both of profile information 155, 157. The reserve
price input 163 can correspond to, for example, one or more of the
following: a recommended reserve price for an auction (e.g., an
auction that is in a pre-auction state or which has no reserve
price); for different possible reserve prices, a statistical
analysis as to the likelihood that the particular reserve price
will be met during the auction (or alternatively whether the seller
will accept the highest bid); whether the selected reserve price of
the seller should be lowered (based in part on the likelihood that
the selected reserve price will fail to be met). In more detail,
the recommended reserve price as determined by the auction analysis
component 140 can correspond to the optimal reserve price that
weights chance of success (e.g., reserve price met) with value
returned. For example, the recommended reserve price can be set to
be the reserve price that has a 50% chance of being met during the
auction.
[0058] The determination of the recommended reserve price can be
based on the asset profile information 157, which can incorporate
the transaction price of prior auctions (or prior real estate
transactions as the case may be), and/or prior reserve prices for
similar assets. As an addition or alternative, the recommended
reserve price can weight or otherwise factor in information
obtained from the bidder profile information 155. For example, the
recommended reserve price can be increased if one or more of the
bidders is known to have consistently exceeded the reserve price,
or if one or more of the bidders has a history of providing a bid
that exceeds the reserve price by some percentage amount. Likewise,
the recommended reserve price can be lowered if the profile
information 155 indicates that the bidders of the particular
auction have not historically met the reserve, or who are "lowball
bidders."
[0059] Statistical analysis of one or multiple reserve prices can
similarly be obtained from asset profile information 157. For
example, the asset profile information 157 can identify comparable
assets from multiple transactions in prior auctions, including the
price at which such assets were sold, the reserve prices in which
the assets were provided at, and other information which may
indicate the relative value or most effective reserve price of the
assets of the prior auctions as compared to the current auction.
Furthermore, in some variations, the information resource system
180 can utilize external records, in order to obtain information
about asset such as real property assets, including comparable
transactions of property items. Based on information obtained from
multiple possible data points, a statistical analysis of one or
more multiple reserve prices can be obtained. For example, for a
particular reserve price X, the auction analysis component 140 can
determine the likelihood of 80% success (e.g., the auction bidding
will meet the reserve price), while for a higher reserve price
1.20x, the auction analysis component 140 can determine the
likelihood of 50% success. Additionally, the statistical analysis
can be weighted to account for information known about the bidders,
such as past bidding history of the bidders (e.g., the number of
times bidders exceeded the reserve, the highest bid of each bidder,
the median or average of each bidder, etc.).
[0060] Other predictive information 165 can also be determined by
auction analysis component 140 using profile information 155 and/or
157. The predictive information can include, for example, the most
likely price (or highest bid) of the transaction, or an assessment
as to whether the auction will be successful given the likely top
bid and the current reserve price. The asset profile information
157 can be used to identify, for example, comparable assets in
prior auctions, in order to identify what other assets with similar
characteristics have received in terms of bids, highest bids, or
eventual sale price. Additionally, information resource system 180
can include external sources, such as recorded transaction prices
for real property in a given geographic location, to determine
valuation. The auction determination component can determine the
predictive information 165 for comparing, for example, the listed
reserve price to one or more of (i) the valuation of the real
property, and/or (ii) the high bid(s) received for comparable
assets in other auctions or in offline transactions.
[0061] Still further, in a variation, the assessment as to whether
the auction will be successful can further incorporate information
from the bidder profile, including information indicating whether
one or more bidders has a tendency to win the auction at or over
the reserve price. In this way, the bidder profile information 155
can weigh or factor into determining predictive information 165
based on asset profile information 157.
[0062] The output of the auction analysis component 140 can be
provided to the user interface 110. However, according to some
embodiments, at least some of the predictive information generated
from the auction analysis component 140 can be provided in a manner
that is seller-specific or bidder-specific. Seller-specific
predictive information can be displayed only to a seller of the
auction, while bidder-specific information can be displayed only to
the bidders of the auction. For example, seller interface component
112 can receive reserve price input 163. By way of example, the
reserve price input 163 can correspond to a recommendation of a
reserve price, or alternatively to a quantitative statistical
analysis as to an auction outcome (e.g., reserve price met or not
met) for different reserve prices. In some implementations, the
reserve price input 163 can be displayed only to the seller to
advise the seller whether the reserve price (which is typically
kept hidden from bidders) should be lowered or not.
[0063] In connection with lowering the reserve price, some examples
provide that the auction analysis component 140 can also recommend
or programmatically implement a seller bid in order to raise the
top bid towards the reserve price. Likewise, in one implementation,
only the seller receives bidder assessment 161, to indicate a score
or qualitative assessment as to the quality of the bidders
registered (or alternatively making bids) for the seller's auction.
In still another variation, the bidder interface component 114 can
display content from the predictive information that is specific
for the bidder or class of bidders. For example, bidders may view
content corresponding to predictive information 165, displaying the
chance that the auction will succeed based on, for example, the
reserve price (which may not be displayed to the user), the top
bid, and the assessment of the other bidders. Still further, the
bidder interface component 114 can display qualitative or
quantitative information indicating the quality (e.g., likelihood
that individual bidders will follow through on bidding, meeting
reserve etc.) of the other bidders that are participating in a
particular auction.
[0064] In some embodiments, the seller interface component 112 can
be provided as a dashboard component 154. The dashboard component
154 can optionally be displayed as a programmatic element that is
separate from a browser or webpage. By way of example, the
dashboard component 154 can correspond to a standalone application
that accesses a network site where the auction is hosted. In
variations, the dashboard component 154 can correspond to a
plug-in, such as a plug-in component that operates in connection
with a browser, independent of the browser accessing or displaying
a website of the auction. An example of a dashboard component 154
is illustrated by FIG. 6. The dashboard component 154 can display
auction status information (e.g., auction status, top bid, whether
reserve price has been met, number of bidders, number of bids
etc.). Additionally, in some variations, the dashboard component
154 can display predictive information provided by the auction
analysis component 140, including information corresponding to the
bidder assessment 161, the reserve price input 163 and/or the
prediction information 165. Still further, in some implementations,
the dashboard component 154 can be used by the seller to provide
input, such as input corresponding to trigger a seller bid 109, or
input that lowers the reserve price (LRP 119).
[0065] While an example of FIG. 1 utilizes historical information
to determine bidder profile information and predictive information,
some implementations can utilize real time monitoring to anticipate
or otherwise provide indicative information of bidder action. For
example, bidder interface component 114 can include inactivity
detector 116, which detects bidder activity that signals bidder
interest, without affirmative action in which the bidder places a
bid. The bidder activity detector 116 can, for example, detect the
user monitoring a page on which the auction is provided, hovering
over bid submission `button` or icon, and/or placing a bid but
withholding a submit action. In this way, the activity detector 116
can detect action other than bid submission. The activity detector
116 can record such activity information 117, and the auction
analysis component 140 can use the activity information in
determining one or more predictions for the auction. For example,
the auction analysis component 140 can determine that there is a
likelihood of more bids being submitted based on one or more
bidders performing actions that serve as markers for bidding
interest (e.g., the bidder repeatedly hovering over the bid
submission button on a page of the auction), thus increasing the
chance that the reserve price for the auction will be met.
Furthermore, if the auction is already above the reserve price, the
activity information 117 can indicate a likelihood that additional
bidding will take place, and the auction analysis component 140 can
raise the anticipated top bid of the auction in predicting the
transaction price of the auction for either the seller or the
bidders.
[0066] Methodology
[0067] FIG. 2 illustrates an example method for determining a
bidder profile for purpose of providing predictive information for
an auction. FIG. 3 illustrates an example method for determining an
asset profile for purpose of providing predictive information for
an auction. FIG. 4 illustrates an example method for providing
predictive information to a seller for purpose of enabling the
seller to take action to successfully complete the auction. FIG. 5
illustrates an example method for detecting bidder activity that
can be correlated to a bidder interest level for purpose of
predicting auction activity. Methods such as described by examples
of FIG. 2 through FIG. 5 can be implemented using, for example, a
system such as described by an example of FIG. 1. Accordingly,
reference may be made to elements of system 100 for purpose of
illustrating suitable components or elements for performing a step
or sub-step being described.
[0068] With reference to FIG. 2, a set of bidders for an online
auction or identified (210). The bidders can be identified as those
users who register as bidders for an auction. For example, some
online auction formats provide that bidders register for the
particular auction beforehand (separate from registration with the
auction service), and only registered bidders of the particular
auction can bid on a given auction. In variations, the bidders can
be determined from those users who actually submit bids, or those
users who view the page on which the auction is displayed. In one
implementation, the identification of bidders can be made when the
auction is in a pre-auction stage (212). For example, for auctions
of assets such as real property items, a pre-auction stage can
enable registered bidders to perform due diligence (e.g., view the
property, inspect document title etc.). A time period can be
specified, requiring bidder registration in order to bid for the
particular property. The bidder registration provided at this point
can enable the identification of the set of bidders.
[0069] In a variation, the identification of bidders can be made
while the auction is in progress (214). For example, those
individuals who submit bids and who have registered with the online
auction site can be identified. Alternatively, those bidders whom
can be identified by way of programmatic identifier (e.g., stored
cookie) or other online persona can be identified.
[0070] A profile for one or more of the bidders can be determined
(220). In one implementation, the auction analysis component 140
can determine the profile for the bidder based at least in part on
historical activity of that individual in other auctions (222). For
example, the auction analysis component 140 can scan the auction
database 170 for auctions in which the individual bidder previously
participated in. The historical activity that is identified for
individual bidders can include, for example: (i) the median or
average of the high bid the particular bidder in prior auctions
that the bidder participated in; (ii) the percentage or ratio of
auctions that the bidder previously won; (iii) the particular
bidder's top bid in connection with the reserve price for a
particular auction, such as the percentage of the bidder's top bid
versus the reserve price of prior auctions; and/or (iv) the
percentage of the bidders prior auctions in which the top bid
provided by that bidder exceeded the reserve price.
[0071] In a variation, the profile for the bidder can be based at
least in part on the post-auction record of the bidder (224). In
particular, bidders who have previously won auctions (e.g.,
provided the highest bid) can be evaluated based on their ability
to actually complete the transaction of the auction when the
auction is over. Embodiments recognize that in the case of real
property, for example, a closing process has to be completed before
the transaction is complete. The closing process can include
financing, title, property inspection and other contingencies.
Furthermore, the purchaser of a real property has to provide funds.
It is not uncommon for real estate transactions to fall through
after agreement is reached as to price, sometimes as a result of
contingency conditions, other time simply because one party failed
to follow through on his or her commitment. Bidders who have a
record of being able to complete the transaction once the auction
is complete can be viewed more favorably to sellers, who are
generally more interested in having the transaction complete once
the auction is over. Accordingly, the auction analysis component
140 can review auction records 171 of past auctions in order to
determine the post-auction record of individual bidders
participating in a given auction. If the auction includes bidders
who have a strong record of post-auction closing, this information
can be communicated by way of, for example, a score or qualitative
assessment, to the seller. In this way, the information can
motivate the seller to, for example, lower a reserve price to
maintain a good bidder.
[0072] Predictive information can be determined for an auction
based on the bidder profile information (230). In one
implementation, auction analysis component 140, for example, can
use profile information 155 about the particular bidder to
determine predictive information about the auction on an ongoing
and real-time basis. The predictive information, as determined by
the auction analysis component 140, can include determining a
qualitative or quantitative assessment as to whether the auction
will succeed (232). This can include a determination as to whether
the auction will close above the reserve price. As an alternative
or addition, the determination as to whether the auction will
succeed can include determining the likelihood that the winning
bidder will complete the transaction (e.g., execute on the closing
process, provide payment etc.) once the auction is over. For
example, in the case of real property assets, a determination can
be made that one or more bidders participating in the auction have
a strong historical record of closing the transaction for the real
property asset once the auction is over. Alternatively, the
determination can be made that one or more bidders participating in
the auction have a week historical record of closing their winning
auctions. Based on profile information of the participating
bidders, the auction analysis component 140 can communicate a
determination to the seller as to whether the transaction will
likely close once the auction is over. This information can be
useful to the seller for a variety purposes, such as for purpose of
triggering the seller to lower the reserve price in order to
maintain a good bidder's participation, or to maintain a reserve
price at a set amount on the assumption that the winning bidder
will likely not be able to close the transaction in any case.
[0073] As an alternative or addition, the predictive information
that is determined by the auction analysis component 140 can
include the reserve price predictive information (234). The reserve
price predictive information can identify one or more of the
following: (i) whether the set reserve price at a given instance in
the auction (or pre-auction) is likely to be too high or too low;
(ii) a reserve price that is likely to attract bidding and result
in closure of the auction; and/or (iii) a statistical determination
as to whether a reserve price (or set of reserve prices) will be
met by bidding activity (or alternatively whether the seller will
accept the highest bid).
[0074] As still another alternative or addition, the predictive
information that is determined by the auction analysis component
140 can include determining a predicted transaction price, such as
provided by the top bid and the auction when the auction is over
(236). The predicted transaction price can be based on, for
example, past bidding activity of the bidders participating in the
auction. For example, the highest bids provided by individual
bidders and prior auctions can be compared to determine whether one
or more of the bidders can be expected to exceed the reserve price,
and if so how much the bidder can be expected to exceed the reserve
price based on their historical activity. The auction analysis
component 140 can determine bidder profile information
corresponding to, for example, the average or median high bid of
each bidder in their respective prior auction activity, the
percentage of times when the individual bidder exceeded the reserve
price, the percentage by which the individual bidder exceeded the
reserve price, and the ratio or number of instances when the bidder
won an auction.
[0075] While an example of FIG. 2 describes the predictive
information as being determined from profiling bidders and their
past auction activity, variations provide for the additional use of
profiling the asset that is being auctioned. For example, prior
transaction prices for similar assets can be compared either in the
auction forum, or in a real-world environment, in order to
determine comparable transactions, comparable auction prices, and
to further determine information such as whether reserve pricing is
realistic are likely to result in an auction sale.
[0076] The predictive information determined from the bidder
profile information can be communicated to participants of the
auction (240). For example, the auction analysis component 140 can
communicate predictive information to the seller interface
component 112 or the dashboard component 154 (242). Predictive
information for the seller can include, for example, reserve price
recommendations and/or probabilities, transaction price
probabilities, and/or bidder assessments (e.g., indicator regarding
the ability of the bidder to exceed reserve, likelihood that bidder
will close transaction after auction is over, etc.). As an
alternative or addition, the predictive information can be
communicated to the bidder interface component 114 (244).
Predictive information communicated to the bidder interface
component 114 can exclude some or all of the information
communicated to the seller interface component 112 (or dashboard
component 154). For example, the predictive information
communicated to the bidder interface component 114 can exclude
specific or general information about the reserve price, such as
whether the reserve price is too high or too low, or assessments
about the different bidders participating in the same auction.
Predictive information communicated to the bidder interface
component 114 can include, for example, (i) a predicted transaction
price (or probability of different transaction price), (ii) an
assessment of some or all of the other bidders (e.g., indication of
whether other bidders exceed reserve price typically, or
information about the win loss ratio of other bidders etc.), and/or
(iii) general information about the reserve price, such as the
likelihood that the reserve price will be met based on the profile
information of bidders or the asset of the auction.
[0077] With reference to FIG. 3, an auction forum can receive asset
information from the seller (310). For example, in an
implementation of real property assets, the seller can specify an
address and description of the real property asset. The description
can include or correlate to a category (e.g., residential home,
single-family dwelling, commercial real estate etc.) and one or
more subcategories (e.g., number of bedrooms, type of commercial
property etc.). Based on the description, a set of characteristics
are determined for the asset (312). For example, in the case of
real property assets, the set of characteristics can include one or
more of the following: the type of property (commercial versus
residential), a subcategory of the property (e.g., condominium,
single-family residence), a geographic locality of the property
(e.g., ZIP Code, or specific neighborhood within ZIP Code),
material characteristics used for valuation (e.g., number of
bedrooms, number of baths, dwelling size, lot size, garage size,
etc.), and the type of transfer (e.g., sale by owner, short sale
etc.).
[0078] The relevant historical information is determined for the
asset based on the set of characteristics (320). In this way, a
comparable asset is identified based on the set of characteristics
for the asset specified for auction by the seller (322). In one
implementation, auction records 171 or queried for recent auction
transactions of assets (e.g., real property assets) having the same
or similar set of characteristics. As an alternative or addition,
public records can be accessed and inspected in order to identify
transactions of assets (e.g., real property assets) having the same
or similar characteristics.
[0079] In addition to using historical information for the asset,
the asset profile can also be based on externally determined
information, such as relevant pricing trends for similar assets
(e.g., based on property type and geographic location). Further in
the case of real property assets, the external information can
include, for example, the Broker Price Opinion, Seller value and/or
Automated Valuation Model pricing tools.
[0080] Predictive information can be determined for an auction
based on the bidder profile information (330). In one
implementation, auction analysis component 140, for example, can
use asset profile information 157 for comparable assets (having
same or similar characteristics) to determine predictive
information about the auction on an ongoing and real-time basis.
The predictive information, as determined by the auction analysis
component 140, can include determining a qualitative or
quantitative assessment as to whether the auction will succeed
(332). This assessment can include a probabilistic determination as
to whether the auction will close at or above the reserve price.
The determination can be based in part on the reserve price, as
well as on historical data indicating whether the valuation of the
asset (as can be determined from comparable assets) exceeds the
reserve price. The determination can also be based on whether
comparable assets were auctioned successfully (e.g., reserve price
met).
[0081] As an alternative or addition, the predictive information
that is determined by the auction analysis component 140 using
asset profile information can include reserve price predictive
information (334). Thus, the reserve price predictive information
can be based on reserve prices, transaction prices, or valuations
as determined from transactions of other auctions. The reserve
price predictive information can identify one or more of the
following: (i) whether the set reserve price at a given instance in
the auction (or pre-auction) is likely to be too high or too low;
(ii) a reserve price that is likely to attract bidding and result
in closure of the auction; and/or (iii) a statistical determination
as to whether a reserve price (or set of reserve prices) will be
met by bidding activity (or alternatively whether the seller will
accept the highest bid).
[0082] As still another alternative or addition, the predictive
information that is determined by the auction analysis component
140 can include the determination of a predicted transaction price
(336). The predicted transaction price can be based at least in
part on the valuation of the asset. The valuation of the asset can
be based on the transaction price of similar assets that were
previously auctioned in a recent time period, and/or similar assets
that were transacted in a non-auction forum.
[0083] The predictive information determined from the asset profile
information can be communicated to participants of the auction
(340). For example, the auction analysis component 140 can
communicate predictive information to the seller interface
component 112 or to the dashboard component 154 (342). Predictive
information for the seller can include, for example, reserve price
recommendations and/or probabilities, transaction price
probabilities, and/or bidder assessments (e.g., indication in the
ability of the bidder to exceed reserve, likelihood of bidder
closing transaction after auction is over, etc.). As an alternative
or addition, the predictive information can be communicated to the
bidder interface component 114 (344). Predictive information
communicated to the bidder interface component 114 can exclude some
or all of the information communicated to the seller interface
component 112 (or dashboard component 154). For example, the
predictive information communicated to the bidder interface
component 114 can exclude specific or general information about the
reserve price, such as whether the reserve price is too high or too
low, or assessments about the different bidders participating in
the auction. Predictive information communicated to the bidder
interface component 114 can include, for example, (i) a predicted
transaction price (or probability of different transaction price),
and/or (ii) an indicator for a reserve price.
[0084] With reference to FIG. 4, a seller can be provided
predictive information (410). For example, the predictive
information can be provided by the auction analysis component 140,
providing output through the dashboard component 154, and/or
through the seller interface component 112. As mentioned with other
examples, predictive information can include input about the
reserve price (which can be selected by the seller or recommended
programmatically), a predicted transaction price, one or more
probabilistic outcomes as to whether the auction will close after
the auction is successfully completed, and/or bidder assessments
(e.g., evaluations as to what individual bidders will bid or
individual bidders will close the transaction after the auction is
complete).
[0085] As mentioned with an example of FIG. 2, the predictive
information can be based on bidder profile information (412). As an
addition or alternative, the predictive information can be based on
auction asset information, as shown by an example of FIG. 3
(414).
[0086] Based on the predictive information, the auction analysis
component can make a recommendation as to the reserve price
selection or adjustment (420). The recommendation can be to, for
example, a single reserve price that balances the risk of the
auction will not be successful against maximizing the revenue for
the seller. For example, the recommended reserve price can
correspond to a determined medium or average for comparable assets.
As another example, the recommended reserve price can correspond to
a median or average for comparable assets, but weighted based on
bidder profile information of individual bidders who are
participating in the auction. Still further, the recommended
reserve price adjustment or selection can be the form of a
statistical a probabilistic output, were multiple possible reserve
prices are displayed to the user, along with a percentage
probability (or qualitative likelihood) as to whether the reserve
price will be met.
[0087] The user can then perform an action in response to receiving
the predicted information. In one implementation, the action
performed by the seller can include lowering the reserve price. An
interface with input functionality can be provided to the seller to
enable the seller to lower reserve price (430). For example, the
user can provide input (see LRP 119) through the seller interface
component 112 or dashboard component 154 (432) to lower the reserve
price of the auction. The reserve price lowering can be performed
at either a pre-auction or auction stage for the particular asset.
Examples recognize that in many auction formats, the reserve price
is not published to the bidders, but remain secret privy to the
seller. Thus, the reserve price adjustment can correspond to an
interaction between the seller and, for example, the auction
manager 130, via the dashboard component 154 and/or seller
interface component 112.
[0088] As an addition or alternative to lowering the reserve price,
the seller can perform other actions in response to receiving
predictive information. For example, the seller can generate one or
more seller bids, in anticipation that once bidding begins, the
active bidders will likely exceed the reserve price. In this
example, the determination can be based on bidder profile
information for one or more registered bidders of the particular
auction. For example, the bidder profile information can identify
one or more bidders whom are deemed aggressive bidders, and the
presence of bidding activity can generate additional bids from the
aggressive bidders.
[0089] With reference to FIG. 5, certain non-bidding activity of
individual bidders can be detected through the bidder interface
component 114 (510). For example, as described with an example of
FIG. 1, the bidder interface component 114 can include an activity
detector 116 that detects certain activity of the user. By way of
example, the detected activity can include a mouse over (512), a
page view (514), and/or other interactivity with an interface on
which it auction is provided (516). In the latter instance, bidders
can be detected as selecting links to viewing images of the asset
being auctioned, entering bidding information without submitting
the bid, and/or performing other tasks such as chatting through the
auction site with other bidders or the seller.
[0090] The non-bidding activity of the individual bidders can be
correlated to an interest metric (520). In one implementation, the
auction analysis component 140 correlates the detected non-bidding
activity to some metric of interest which is indicative of an
amount of interest by individual bidders who are participants of
the particular auction. The metric can be determined to be specific
for an individual bidder, or can be indicative of the interest
level of the bidders when viewed as a group. For example, a high
interest by one or two bidders in a set of multiple registered
bidders can reflect the interest level of all bidders. In this
context, the interest metric can be high when multiple bidders have
high activity levels (even when some bidders do not have high
activity levels), as multiple bidders are needed to increase the
price in an auction. Thus, the interest metric can reflect a high
overall interest level when multiple bidders have high activity
levels, under the assumption that a select set of bidders can
provide sufficient bidding activity to meet and/or exceed the
reserve price.
[0091] As an alternative or addition, the determined interest
metric can be specific to individual bidders. For example, if a
group of bidders are registered for a particular auction,
non-bidding activity can be detected for each bidder in the group,
and the corresponding metric can be determined specifically for
each bidder.
[0092] The interest metric can be communicated to one or more
participants of the auction (530). In one implementation, the
interest metric is communicated to the seller (532). As an
alternative or addition, the interest metric is communicated to one
or more of the bidders (534). The interest metric can be
representative quantitatively or qualitatively, and can represent
one or more bidders anonymously or as a group. For example, a user
interface feature provided as an interest bar that fluctuates to
reflect value can correlate an amount of non-bidding activity by
individual bidders, or by bidders of the group as a whole. The
communication can indicate to the seller the likelihood that a bid
will be forthcoming. If, for example, there is a lack of interest
in the auction based on non-bidding activity, the seller can elect
to lower the reserve price, and/or generate a seller bid for
purpose of generating interest and activity in the auction.
[0093] As an alternative, the detection of non-bidding activity can
be kept secret from both seller and bidders. Rather, a programmatic
components such as the auction manager 130 can be signaled to
initiate activity, such as seller bids 151, in order to stir
interest for the auction when there is a lack of bidding and
non-bidding activity (e.g., indicating lack of interest in the
auction).
[0094] As shown by examples described above, the detection of
non-bidding activity can be used as a signal to generate activity
in the auction, and/or to perform other actions such as lower the
reserve price.
[0095] Dashboard
[0096] FIG. 6 illustrates an example of a dashboard for use by a
seller to manage one or more auctions. A dashboard can be generated
by client application that operates on the user (seller) terminal.
The client application can correspond to a standalone application,
a plug-in component or extension of another program. With reference
to an example of FIG. 1, the dashboard component 154 can operate on
a seller terminal to generate output corresponding to a dashboard
600. The dashboard component 154 can receive input from the seller
(e.g., via the seller interface component 112) corresponding to an
identifier of the seller. The dashboard component 154 can
communicate the identifier to a backend component of the auction
forum, which in turn communicates output provided by the
transaction logic to the dashboard component 154. The output can
identify multiple auctions of the seller, including auctions that
are in a pre-auctions stage, in-progress stage, or post-auction
stage. Each auction can be associated with a record and information
provided by the auction record, including current event
information, can be obtained by the dashboard component and
outputted as part of the dashboard 600.
[0097] In an example of FIG. 6, the dashboard component 600 is
shown in tabular form. Other data formats and structure can be used
to present information for the seller dashboard. In the example
provided, dashboard 600 includes columns that can correspond to,
for example: the seller's assets 610, the current or top bid 620,
the number of bids (including delineation of seller bids) 630, the
reserve price 640, and the auction end time 650 (which can be
variable depending on auction rules).
[0098] Additionally, dashboard 600 can include information that
correlates to or is based on predictive information. By way of
example, dashboard 600 includes a suggested reserve price 612, a
bidder score 614, and a probability score 616. The suggested
reserve price 612 can be determined from the profile information
(as described with an example of FIG. 2) and/or asset profile
information (as described with an example of FIG. 3).
[0099] In the example provided, bidder score 614 represents a
quantitative assessment of one or more bidders that are
participating in a particular auction of the seller. In the example
provided, the bidder scores for the bidder with the highest score
is displayed, as well as the average bidder scores for all bidders
that are registered for the auction. Numerous variations can be
made to how individual scores are displayed, including for example,
displaying the bidder score for all bidders registered for the
auction. In one implementation, the bidder score is based at least
in part on a track record of the bidder, as provided by the
bidder's performance in prior auctions. The bidder score can
reflect the probability (based on historical auction performance)
that a particular bidder or bidders will provide a bid that exceeds
the reserve price. In another implementation, the bidder score can
reflect at least in part the track record of the particular bidder
or bidders in terms of winning an auction that closes above the
reserve price. Still further, as another example, the bidder score
can reflect at least in part the track record of the particular
bidder or bidders in terms of closing the transaction once the
auction has been won. For example, in the case of real estate
assets, once the auction is won, the real estate transaction still
need to go through a closing period, were contingencies are
removed, inspections are passed and the terms of the transaction
are completed. The bidder score can reflect the probability that a
particular bidder or bidders will complete the post-auction closing
process, based on past historical data.
[0100] The probably score 616 can indicate the probability that the
auction will close with the top bid that is above the reserve
price. As an addition or variation, the probability score 616 can
reflect whether the auction will close and the subsequent
transaction will be completed in the post-auction stage. The
probability score can be based on the profile information of the
bidder (as described with an example of FIG. 2) and/or the profile
information of the asset (as described with an example of FIG.
3).
[0101] As another example, dashboard 600 can include a column for
predicted closing price 622. The predicted closing price 622 can be
based in part on the asset profile information. Specifically, the
valuation of the asset can be determined from auction results of
similar assets, and/or marketplace valuations of similar assets.
Other factors that can weight or otherwise contribute to the
determination of the predicted closing price can include bidder
profile information. For example, if the profile information for
one or more of the bidders that are registered for an auction
indicates a tendency to "lowball" an asset, then the bidder profile
information can be used to weight the predicted transaction price
downward. Likewise, if the bidder profile information indicates
bidders who typically exceed the reserve price and are aggressive,
the selected reserve price can be weighted above what would be
expected from the valuation.
[0102] Still further, an example of FIG. 6 illustrates the
dashboard 600 to include an auction success probability column 624.
The auction success probability 624 can provide a qualitative
assessment (e.g., "good" "Fair" "poor") of whether the auction will
succeed. The success of the auction can correlate to whether the
top bid is expected to exceed the reserve price, as determined from
the profile information (as described with an example of FIG. 2)
and/or the asset profile information (as determined with an example
of FIG. 3).
[0103] Furthermore, in some embodiments, the dashboard 600 can be
interactive, and operable to receive input. In the example
provided, the reserve price column 640 can be interactive to enable
the user to lower the reserve price. For example, the user may
enter a new lower reserve price than the one provided in the column
640. Additionally, in some variations, an interactive column 642
may be provided to enable the user to generate a seller bid. The
generation of the seller bid may be subject to rules, such as the
seller bid being provided as a top bid that is below the reserve
price.
[0104] Example Auction Interface
[0105] FIG. 7 illustrates an example of an auction interface that
incorporates the use of predictive information. An auction
interface 700 can correspond to a webpage, provided at a network
site that hosts an online auction forum. In the example provided,
the auction interface 700 identifies a particular asset 710, and
the auction is shown in the active auction state (when bids are
received). Some content provided on the auction interface 700 can
be shared between seller and bidder. For example, the information
about the asset (e.g., a home), including images and text, can be
displayed for all users, including bidders and the seller.
Additionally, event information, such as the top bid, history of
bids, the participating bidders, the bid increment, the time
remaining, and other information can also be displayed for all
participants of the auction. An indication of whether the reserve
price has been met or not can also be shown to both bidders and the
seller. However, in some implementations, the auction rules may
preclude the bidders from knowing the reserve price.
[0106] In one implementation, predictive information is used to
display corresponding content to the seller, but not to the bidder.
Seller predictive information 720 can include, for example: (i) a
reserve price recommendation 722; (ii) a prediction as to whether
the auction will close above the reserve price 724; (iii) an
assessment of one or more of the bidders, such as an assessment of
the high bidder 726 (the bidder with the top bid) or alternatively
the highest bidder rating score 728 (the bidder with the highest
score); (iv) a predicted transaction price 732; and/02 (v) an
indication 734 of the probability that the auction will close above
the reserve price, but fail in the post-auction stage (e.g., due to
the bidder profile information indicating high bidder having
previously performed as such).
[0107] In the example provided, buyer predictive information 740
can include, for example a transaction price prediction 742. Other
examples of predictive information for the buyer can include an
indication as to whether the reserve price will be met, indications
of other bidders performance etc. As shown by an example of FIG. 7,
the predictive information displayed for the seller can vary
significantly from that shown to the buyer.
[0108] Computer System
[0109] FIG. 8 is a block diagram that illustrates a computer system
upon which some embodiments described herein may be implemented.
For example, in the context of FIG. 1, system 100 may be
implemented using one or more servers such as described by FIG. 8.
Likewise, methods such as described with FIG. 2 through FIG. 5 can
be implemented using a computer or server such as described with
FIG. 8. Further, a dashboard (FIG. 6) or seller interface (FIG. 7)
can be displayed using a computer or server such as shown with an
example of FIG. 8.
[0110] In one implementation, computer system 800 includes
processor 804, memory 806 (including non-transitory memory),
storage device 810, and communication interface 818. Computer
system 800 includes at least one processor 804 for processing
information. Computer system 800 also includes the memory 806, such
as a random access memory (RAM) or other dynamic storage device,
for storing information and instructions to be executed by
processor 804. The memory 806 also may be used for storing
temporary variables or other intermediate information during
execution of instructions to be executed by processor 804. The
memory 806 may also include a read only memory (ROM) or other
static storage device for storing static information and
instructions for processor 804. The storage device 810, such as a
magnetic disk or optical disk, is provided for storing information
and instructions. The communication interface 818 may enable the
computer system 800 to communicate with one or more networks
through use of the network link 820 (wireless or wireline). The
communication interface 818 may communicate with bidders and
auction participants using, for example, the Internet.
[0111] Embodiments described herein are related to the use of
computer system 800 for implementing the techniques described
herein. According to one embodiment, those techniques are performed
by computer system 800 in response to processor 804 executing one
or more sequences of one or more instructions contained in memory
806. Such instructions may be read into memory 806 from another
machine-readable medium, such as storage device 810. Execution of
the sequences of instructions contained in memory 806 causes
processor 804 to perform the process steps described herein. In
alternative embodiments, hard-wired circuitry may be used in place
of or in combination with software instructions to implement
embodiments described herein. Thus, embodiments described are not
limited to any specific combination of hardware circuitry and
software.
[0112] Although illustrative embodiments have been described in
detail herein with reference to the accompanying drawings,
variations to specific embodiments and details are encompassed by
this disclosure. It is intended that the scope of embodiments
described herein be defined by claims and their equivalents.
Furthermore, it is contemplated that a particular feature
described, either individually or as part of an embodiment, can be
combined with other individually described features, or parts of
other embodiments. Thus, absence of describing combinations should
not preclude the inventor(s) from claiming rights to such
combinations.
* * * * *