Systems and methods for optimal bidding in a business-to-business environment

Abstract

The present invention relates to systems and methods for optimizing bidding in a business-to-business environment. Initially the observed outcomes for n deals are received, and the belief parameters for these n deals are calculated. The Bayes-greedy price is then calculated and presented to a buyer. The buyer's response is collected and an optimal variance parameter based on the buyer's response is generated. The belief parameters for these n+1 deals are also updated. This process may be repeated for additional deals.

U.S. Patent and Trademark Office Description

PTO

Inventor(s)

Michael Fu, Ilya O. Ryzhov, Eric Bergerson, Megan Kurka, Huashuai Qu

Date Issued

09/17/2019

Patent No.

10,417,699