System and method for generating market pricing information for non-fungible items
View Patent ↗A system for generating market pricing information for a non-fungible target item includes one or more databases containing historical pricing information for at least one reference item, historical pricing information for at least the target item, and market pricing information for at least the reference item. A pricing engine determines a pricing differential between the target item and the reference item that reflects historical pricing information for the target and reference items. The pricing engine applies the pricing differential to the market pricing information for the reference item to generate market pricing information for the target item. The market pricing information for the reference item may include a substantially real-time current market price for the reference item, and the market pricing information for the target item may be generated in the form of a substantially real-time current market price quote for the target item for communication to a market participant.
1. An electronic marketplace computer system for generating market pricing information for one or more non-fungible target items, the system comprising:
a marketplace server capable of receiving a request from a market participant for market pricing information for the one or more non-fungible target items, the marketplace server comprising:
a pricing engine operable to:
access one or more databases associated with the marketplace server containing:
historical pricing information for one or more reference items;
historical pricing information for the one or more non-fungible target items; and
market pricing information for the one or more reference items;
determine a pricing differential for the one or more non-fungible target items, the pricing differential reflecting the historical pricing information for the one or more non-fungible target items and the one or more reference items;
apply the pricing differential to the market pricing information for the one or more reference items to generate the market pricing information for the one or more non-fungible target items; and
communicate the generated market pricing information for the one or more non-fungible target items to the market participant.
2. The system of claim 1 , wherein the market pricing information for the one or more reference items comprises a substantially real-time current market price for the one or more reference items.
3. The system of claim 1 , wherein the one or more reference items is a fungible item that serves as a proxy for price elasticity in at least a portion of a market that includes the one or more non-fungible target items and the one or more reference items.
4. The system of claim 1 , wherein the one or more reference items is a fungible item that serves as a proxy for at least one indicator of price for the target item, the indicator being selected from the group consisting of:
cost per unit quantity of material used in creating the item;
time associated with one or more pieces of equipment used in creating the item; and
cost associated with one or more pieces of equipment used in creating the item;
time associated with one or more persons involved in creating the item; and
cost associated with one or more persons involved in creating the item.
5. The system of claim 1 , wherein the pricing engine computes the pricing differential in a manner selected from the group consisting of:
as a difference between one or more historical prices of the one or more non-fungible target items and one or more historical prices of the one or more reference items; and
as a percentage of the historical price of the one or more reference items.
6. The system of claim 1 , wherein the pricing engine accesses a previously computed pricing differential from among a collection of such pricing differentials to determine the pricing differential that is applied.
7. The system of claim 1 , wherein the one or more non-fungible target items are selected from the group consisting of:
a part;
a component;
a product;
a service;
real property; and
a contract.
8. The system of claim 1 , wherein the one or more non-fungible target items are made more fungible, with improved liquidity, through generation of the market pricing information for the one or more non-fungible target items.
9. The system of claim 1 , wherein the pricing engine provides a bid-ask exchange with respect to a market that includes the one or more non-fungible target items and the one or more reference items.
10. Software for generating market pricing information for one or more a non-fungible target items, the software being embodied in a computer-readable medium and, when executed using one or more computer systems operable to:
receive a request from a market participant for market pricing information for the one or more non-fungible target items;
access historical pricing information for one or more reference items;
access historical pricing information for the one or more non-fungible target items;
access market pricing information for the one or more reference items;
determine a pricing differential for the one or more non-fungible target items, the pricing differential reflecting stored historical pricing information for the one or more non-fungible target items and the one or more reference items;
apply the pricing differential to the accessed market pricing information for the one or more reference items to generate the market pricing information for the one or more non-fungible target items; and
communicate the generated market pricing information for the one or more non-fungible target items to the market participant.
11. The software of claim 10 , wherein the market pricing information for the one or more reference items comprises a substantially real-time current market price for the one or more reference items.
12. The software of claim 10 , wherein the one or more reference items is a fungible item that serves as a proxy for price elasticity in at least a portion of a market that includes the one or more non-fungible target items and the one or more reference items.
13. The software of claim 10 , wherein the one or more reference items is a fungible item that serves as a proxy for at least one indicator of price for the target item, the indicator being selected from the group consisting of:
cost per unit quantity of material used in creating the item;
time associated with one or more pieces of equipment used in creating the item; and
cost associated with one or more pieces of equipment used in creating the item;
time associated with one or more persons involved in creating the item; and
cost associated with one or more persons involved in creating the item.
14. The software of claim 10 , operable to compute the pricing differential in a manner selected from the group consisting of:
as a difference between one or more historical prices of the one or more non-fungible target items and one or more historical prices of the one or more reference items; and
as a percentage of the historical price of the one or more reference items.
15. The software of claim 10 , operable to access a previously computed pricing differential from among a collection of such pricing differentials to determine the pricing differential that is applied.
16. The software of claim 10 , wherein the one or more non-fungible target items are selected from the group consisting of:
a part;
a component;
a product;
a service;
real property; and
a contract.
17. The software of claim 10 , wherein the one or more non-fungible target items are made more fungible, with improved liquidity, through generation of the market pricing information for the one or more non-fungible target items.
18. The software of claim 10 , wherein the software provides a bid-ask exchange with respect to a market that includes the one or more non-fungible target items and the one or more reference items.
19. A system for generating market pricing information for a non-fungible item, comprising:
means for storing:
historical pricing information for at least one reference item;
historical pricing information for at least one non-fungible target item; and market pricing information for at least the reference item; and
means for determining a pricing differential between the non-fungible target item and the reference item, the pricing differential reflecting the historical pricing information for the non-fungible target and reference items;
means for accessing the market pricing information for the reference item; and
means for applying the pricing differential to the market pricing information for the reference item to generate market pricing information for the non-fungible target item.
20. A computer-implemented method of generating market pricing information for one or more non-fungible target items, comprising:
receiving a request from a market participant for market pricing information for the one or more non-fungible target items;
accessing historical pricing information for one or more reference items;
accessing historical pricing information for the one or more non-fungible target items;
accessing market pricing information for the one or more reference items;
determining a pricing differential for the one or more non-fungible target items, the pricing differential reflecting stored historical pricing information for the one or more non-fungible target items and the one or more reference items;
applying the pricing differential to the accessed market pricing information for the one or more reference items to generate the market pricing information for the one or more non-fungible target items; and
communicating the generated market pricing information for the one or more non-fungible target items to the market participant.
21. The method of claim 20 , wherein the market pricing information for the one or more reference items comprises a substantially real-time current market price for the one or more reference items.
22. The method of claim 20 , wherein the one or more reference items is a fungible item that serves as a proxy for price elasticity in at least a portion of a market that includes the one or more non-fungible target items and the one or more reference items.
23. The method of claim 20 , wherein the one or more reference items is a fungible item that serves as a proxy for at least one indicator of price for the target item, the indicator being selected from the group consisting of:
cost per unit quantity of material used in creating the item;
time associated with one or more pieces of equipment used in creating the item; and
cost associated with one or more pieces of equipment used in creating the item;
time associated with one or more persons involved in creating the item; and
cost associated with one or more persons involved in creating the item.
24. The method of claim 20 , wherein the pricing differential is computed in a manner selected from the group consisting of:
as a difference between one or more historical prices of the one or more non-fungible target items and one or more historical prices of the one or more reference items; and
as a percentage of the historical price of the one or more reference items.
25. The method of claim 20 , further comprising accessing a previously computed pricing differential from among a collection of such pricing differentials to determine the pricing differential that is applied.
26. The method of claim 20 , wherein the one or more non-fungible target items are selected from the group consisting of:
a part;
a component;
a product;
a service;
real property; and
a contract.
27. The method of claim 20 , wherein the one or more non-fungible target items are made more fungible, with improved liquidity, through generation of the market pricing information for the one or more non-fungible target items.
28. The method of claim 20 , wherein the method provides a bid-ask exchange with respect to a market that includes the one or more non-fungible target items and the one or more reference items.