SYSTEM AND METHOD FOR DETERMINING VALUATION OF ITEMS USING PRICE ELASTICITY INFORMATION
A valuation of a subject item includes determining a transaction price for one or more comparable items. For each comparable transaction, one or more unsuccessful offers is determined. The valuation of the subject item may be based on a valuation of each of the one or more comparable items, and the valuation of each of the one or more comparable items may be based at least in part on the one or more unsuccessful offers for that item.
1 . A method for determining a valuation of a subject item, the method being implemented by one or more processors and comprising:
determining multiple comparable transactions;
identifying a set of offers for each of the comparable transactions, the set of offers for each comparable transaction including multiple offers, including one or more unsuccessful offers;
calculating the valuation for the subject item based on each offer from the set of offers of at least some of the comparable transactions.
2 . The method of claim 1 , wherein calculating the valuation includes determining a statistical distribution of offers from the set of offers for at least some of the comparable transactions.
3 . The method of claim 1 , wherein identifying the set of offers includes excluding, from a given one of the set of offers, one or more transactions that do not meet a defined threshold.
4 . The method of claim 3 , wherein identifying the set of offers includes identifying the n highest offers from the set of offers for each of the multiple transactions, wherein n is greater than 1.
5 . The method of claim 3 , wherein identifying the set of offers includes identifying those offers from the set of offers for each of the multiple transactions which are within a given range of a transaction price for a corresponding one of the multiple transactions.
6 . The method of claim 1 , wherein determining the valuation includes determining one or more possible valuations, and a probability that each of the one or more possible valuations will be realized for the subject item based on the statistical distribution.
7 . The method of claim 1 , wherein the subject item is a real property, and wherein determining the set of comparable transactions includes determining a set of comparable transactions for real property.
8 . The method of claim 1 , wherein the subject item is one of a real property, a collectible, or an automobile.
9 . The method of claim 1 , wherein determining the set of comparable transactions includes programmatically determining a set of comparison parameters for the subject item based at least in part on an input of the user, then programmatically using the set of comparison parameters to determine the set of comparable transactions.
10 . A method for determining a valuation of a subject item, the method being implemented by one or more processors and comprising:
determining a set of comparable transactions, wherein each comparable transaction of the set is for a corresponding item that is deemed similar to the subject item;
for each the comparable transaction of the set, (i) identifying one or more unsuccessful offers, and (ii) determining a alternative probable valuation for the corresponding item of that transaction based at least in part on the one or more unsuccessful offers; and
determining the valuation of the subject item based at least in part on the alternative probable valuation of each comparable transaction in the set.
11 . The method of claim 10 , wherein determining the alternative probable valuation for each comparable transaction in the set includes basing the alternative probable valuation on a next highest offer, and not on a winning offer, for that comparable transaction.
12 . The method of claim 10 , wherein determining the alternative probable valuation for each comparable transaction in the set includes basing the alternative probable valuation on one or more unsuccessful offers for that comparable transaction.
13 . The method of claim 10 , further comprising averaging or weighting the one or more unsuccessful offers in determining the alternative probable valuation.
14 . The method of claim 10 , wherein determining the alternative probable valuation for each comparable transaction in the set includes determining an elasticity range for each of the one or more comparable transactions based at least in part on a difference between the winning offer and one or more unsuccessful offers for that comparable transaction.
15 . The method of claim 10 , further comprising determining the alternative probable valuation of the corresponding item for each comparable transaction of the set without disclosing any of the one or more unsuccessful offers and/or the alternative probable valuation for that comparable transaction.
16 . The method of claim 10 , further comprising hosting an online auction forum, from which the set of comparable transactions are identified from historical data, and wherein determining the valuation for the subject item is determined without disclosing any of the one or more unsuccessful offers for a corresponding property of the comparable transactions.
17 . The method of claim 10 , wherein the subject item is a real property, and wherein determining the set of comparable transactions includes determining a set of comparable transactions for real property.
18 . The method of claim 10 , wherein the subject item is one of a real property, a collectible, or an automobile.
19 . The method of claim 10 , wherein determining the set of comparable transactions includes programmatically determining a set of comparison parameters for the subject item based at least in part on an input of the user, then programmatically using the set of comparison parameters to determine the set of comparable transactions.
20 . A method for determining a valuation of a subject item, the method being implemented by one or more processors and comprising:
determining a candidate set of comparable transactions, wherein each comparable transaction of the candidate set is for a corresponding item that is deemed similar to the particular item;
for each the comparable transaction of the candidate set, determining an elasticity in the transaction price of that comparable transaction based at least in part on a difference between the transaction price and one or more unsuccessful offers; and
determining each comparable transactions of the candidate set that has the determined elasticity of the transaction price exceed a threshold; and
determining the valuation of the subject item based at least in part by weighting down or eliminating the comparable transactions of the candidate set which have the elasticity of the transaction price exceeding a designated threshold.
21 . The method of claim 20 , further comprising determining the valuation of the subject item based at least in part on the transaction price of any comparable transactions of the candidate set which have the elasticity of the transaction price being is less than the designated threshold, while weighting against or eliminating, from the candidate set, the transaction price of the comparable transactions of the candidate set which have the elasticity of the transaction price that is greater than the designated threshold.
22 . A method for determining a valuation of a subject item, the method being implemented by one or more processors and comprising:
identifying a transaction price for one or more comparable items of the subject item;
identifying one or more unsuccessful offers for each of the one or more comparable items;
determining the valuation of the subject item based at least in part on the one or more unsuccessful offers for each of the one or more comparable items.
23 . The method of claim 22 , wherein determining the valuation of the subject item includes determining an elasticity parameter for one or more of the comparable items based at least in part on one or more unsuccessful offers for each of the one or more comparable items.
24 . The method of claim 23 , wherein determining the valuation of the subject item includes basing the valuation of each of the one or more unsuccessful offers based on a reduction in the transaction price for that comparable item, the reduction being based at least in part on the elasticity parameter.
25 . The method of claim 22 , further comprising visually indicating the elasticity parameter of the transaction price when displaying the valuation of the subject item.
26 . The method of claim 22 , further comprising determining the valuation of the subject item based at least in part on the transaction price and the elasticity parameter.