System and Method for Generating Market Pricing Information for Non-Fungible Items
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 - 28 . (canceled)
29 . An electronic marketplace computer system, the system comprising:
a marketplace server capable of receiving a request from a market participant for market pricing information for one or more target items, the marketplace server comprising a pricing engine operable to:
access pricing information in one or more databases associated with the marketplace server for the one or more target items
access historical pricing information in one or more databases associated with the marketplace server for a reference item;
determine a pricing differential for the one or more target items based on the historical pricing information of the one or more target items and historical pricing information of the reference item.
30 . The system of claim 29 , wherein the pricing engine is operable to:
access market pricing information in one or more databases associated with the marketplace server for the reference item; and
generate the market pricing information for the one or more target items based on the pricing differential and the accessed market pricing information for the reference item.
31 . The system of claim 30 , wherein the market pricing information for the reference item comprises a substantially real-time current market price for the reference item.
32 . The system of claim 30 , wherein the pricing engine is operable to:
communicate the generated market pricing information for the one or more target items to the market participant.
33 . The system of claim 32 , wherein the one or more target items are non-fungible target items and are selected from the group consisting of:
a part;
a component;
a product;
a service;
real property; and
a contract.
34 . The system of claim 33 , 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.
35 . The system of claim 29 , wherein the reference item is in the same market as the one or more target items.
36 . The system of claim 29 , wherein the pricing differential reflects a relationship between the one or more target items and the reference item.
37 . The system of claim 29 , wherein the reference item 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 target items and the reference item.
38 . The system of claim 29 , wherein the reference item is a fungible item that serves as a proxy for at least one indicator of price for the one or more target items, the indicator being selected from the group consisting of:
cost per unit quantity of material used in creating the one or more target items;
time associated with one or more pieces of equipment used in creating the one or more target items; and
cost associated with one or more pieces of equipment used in creating the one or more target items;
time associated with one or more persons involved in creating the one or more target items; and
cost associated with one or more persons involved in creating the one or more target items.
39 . The system of claim 29 , 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 target items and one or more historical prices of the reference item; and
as a percentage of the historical price of the reference item.
40 . The system of claim 29 , 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.
41 . The system of claim 29 , wherein the pricing engine provides a bid-ask exchange with respect to a market that includes the one or more target items and the reference item.
42 . Software for generating market pricing information, 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 one or more target items;
access pricing information for the one or more target items;
access historical pricing information for a reference item; and
determine a pricing differential for the one or more target items.
43 . The software of claim 42 , operable to:
access market pricing information for the reference item; and
generate the market pricing information for the one or more target items based on the pricing differential and the accessed market pricing information for the reference item.
44 . The software of claim 43 , 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.
45 . The software of claim 43 , operable to:
communicate the generated market pricing information for the one or more target items to the market participant.
46 . The software of claim 45 , wherein the one or more target items are non-fungible target items and are selected from the group consisting of:
a part;
a component;
a product;
a service;
real property; and
a contract.
47 . The software of claim 46 , 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.
48 . The system of claim 42 , wherein the reference item is in the same market as the one or more target items.
49 . The system of claim 42 , wherein the pricing differential reflects a relationship between the one or more target items and the reference item.
50 . The software of claim 42 , wherein the reference item 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 target items and the reference item.
51 . The software of claim 42 , wherein the reference item is a fungible item that serves as a proxy for at least one indicator of price for the one or more target items, the indicator being selected from the group consisting of:
cost per unit quantity of material used in creating the one or more target items;
time associated with one or more pieces of equipment used in creating the one or more target items; and
cost associated with one or more pieces of equipment used in creating the one or more target items;
time associated with one or more persons involved in creating the one or more target items; and
cost associated with one or more persons involved in creating the one or more target items.
52 . The software of claim 42 , 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 target items and one or more historical prices of the reference item; and
as a percentage of the historical price of the reference item.
53 . The software of claim 42 , operable to access a previously computed pricing differential from among a collection of such pricing differentials to determine the pricing differential that is applied.
54 . The software of claim 42 , wherein the software provides a bid-ask exchange with respect to a market that includes the one or more target items and the reference item.
55 . A method for generating market pricing information, comprising:
receiving a request from a market participant for market pricing information for one or more target items;
accessing pricing information for the one or more target items;
accessing historical pricing information for a reference item; and
determining a pricing differential for the one or more target items.
56 . The method of claim 55 , operable to:
accessing market pricing information for the reference item; and
generating the market pricing information for the one or more target items based on the pricing differential and the accessed market pricing information for the reference item.
57 . The method of claim 56 , 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.
58 . The method of claim 56 , operable to:
communicating the generated market pricing information for the one or more target items to the market participant.
59 . The method of claim 58 , wherein the one or more target items are non-fungible target items and are selected from the group consisting of:
a part;
a component;
a product;
a service;
real property; and
a contract.
60 . The method of claim 59 , 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.
61 . The method of claim 55 , wherein the reference item is in the same market as the one or more target items.
62 . The method of claim 55 , wherein the pricing differential reflects a relationship between the one or more target items and the reference item.
63 . The method of claim 55 , wherein the reference item 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 target items and the reference item.
64 . The method of claim 55 , wherein the reference item is a fungible item that serves as a proxy for at least one indicator of price for the one or more target items, the indicator being selected from the group consisting of:
cost per unit quantity of material used in creating the one or more target items;
time associated with one or more pieces of equipment used in creating the one or more target items; and
cost associated with one or more pieces of equipment used in creating the one or more target items;
time associated with one or more persons involved in creating the one or more target items; and
cost associated with one or more persons involved in creating the one or more target items.
65 . The method of claim 55 , 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 target items and one or more historical prices of the reference item; and
as a percentage of the historical price of the reference item.
66 . The method of claim 55 , operable to access a previously computed pricing differential from among a collection of such pricing differentials to determine the pricing differential that is applied.
67 . The method of claim 55 , wherein the software provides a bid-ask exchange with respect to a market that includes the one or more target items and the reference item.