AUTOMATED COMPARABLE-BASED PRICING USING NON-ZERO-DIFFERENCE COMPARABLES
A method for evaluating price functions for access credentials, the system comprising: accessing, using a processor having memory and configured by cod, a venue map from a venue map database; receiving a data value corresponding to an uncategorized access credential for an event occurring within the venue, obtaining, from an access credential database, a dataset of access credentials for purchase, where each access credential for purchase includes at least one data feature having a common characteristic with the uncategorized access credential; determining a market value for each of the access credentials within the dataset; adjusting at least one pricing data value of the uncharacterized access credential in response to the determined market value for each access credential in the dataset; accessing, from a pricing function database, a pricing function for the uncharacterized access credential; wherein the pricing function receives as at least one input the price of access credentials within the access credential dataset; and updating the at least one pricing data value of the uncharacterized access credential in response to the output of the pricing function.
1 . A system for evaluating price functions for access credentials, the system comprising:
A first database of access credentials, where the first database contains a listing of access credentials for purchase;
a second database of pricing functions;
a processor, having a memory and configured by code executing therein to:
access a venue map from a venue map database;
receive a data value corresponding to a uncategorized access credential for an event occurring within the venue,
obtain from the first database a dataset of access credentials for purchase, where each access credential for purchase includes at least one data feature having a common characteristic with the uncategorized access credential;
determine a relative market value for each of the access credentials within the dataset;
adjust at least one pricing data value of the uncharacterized access credential in response to the determined market value for each access credential in the dataset;
access, from the second database, a pricing function for the uncharacterized access credential; wherein the pricing function receives as at least one input the price of access credentials within the access credential dataset; and
using the pricing function adjust the at least one pricing data value;
2 . The system of claim 2 , wherein the processor is further configured to generate a message that includes the corresponding adjusted pricing data value.
3 . The system of claim 3 , wherein the processor is configured to receive from a remote computing device acknowledgement of receipt of the message, and update the database of access credentials with the adjusted price.
4 . The system of claim 1 , where the processor is configured to calculate the relative market value by assigning each of the access credentials within the dataset a base value as a function of distance from a given landmark within the virtual map.
5 . The system of claim 4 , wherein the processor is further configured to calculate the relative market value by (a) multiplying the base value of each seat by the market value for each seat, (b) averaging those values over all access credentials, and (c) multiplying the calculated value by the weight for the given access credential.
6 . A method for evaluating price functions for access credentials, the system comprising:
accessing, using a processor having memory and configured by code, a venue map from a venue map database;
receiving a data value corresponding to an uncategorized access credential for an event occurring within the venue,
obtaining, from an access credential database, a dataset of access credentials for purchase, where each access credential for purchase includes at least one data feature having a common characteristic with the uncategorized access credential;
determining a market value for each of the access credentials within the dataset;
adjusting at least one pricing data value of the uncharacterized access credential in response to the determined market value for each access credential in the dataset;
accessing, from a pricing function database, a pricing function for the uncharacterized access credential; wherein the pricing function receives as at least one input the price of access credentials within the access credential dataset; and
updating the at least one pricing data value of the uncharacterized access credential in response to the output of the pricing function.
7 . The method of claim 6 , further comprising generating a message that includes the corresponding adjusted pricing data value.
8 . The method of claim 7 , comprising receiving from a remote computing device acknowledgement of receipt of the message, and updating the database of access credentials with the adjusted price.
9 . The method of claim 6 , wherein calculating the relative market value includes: assigning each of the access credentials within the dataset a base value as a function of distance from a given landmark within the virtual map.
10 . The system of claim 9 , wherein calculating the relative market value by (a) multiplying the base value of each seat by the market value for each seat, (b) averaging those values over all access credentials, and (c) multiplying the calculated value by the weight for the given access credential.