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 DescriptionPTO
Inventor(s) Michael Fu
, Ilya O. Ryzhov
, Eric Bergerson, Megan Kurka, Huashuai Qu