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US5620182A
Expired / Lapsed
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Expected value payment method and system for reducing the expected per unit costs of paying and/or receiving a given ammount of a commodity
Assignee: Individual
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Filing: 1993-12-13
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Granted: 1997-04-15
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Expires: 2013-12-13
Abstract
Abstract Disclosed is an Expected Value Payment Method for the purpose of reducing the expected per unit costs incurred in paying and/or receiving a given amount of a commodity. An Expected Value Payment Method uses a random number supplier to decide bets that can reduce expected per unit costs in two ways. First, expected per unit costs can be reduced for the payer and/or receiver of a commodity by giving the receiver a chance to win a greater amount of the commodity than a given amount, the greater amount having a lower per unit cost than the given amount which was originally to be paid and received. Second, a probabalistic sorting method and system is disclosed allowing businesses to offer customers who bet to win a given amount of a commodity a better expected price for that amount than the price offered to customers paying conventionally. Also disclosed are Expected Value Payment Execution Methods and Systems that make an Expected Value Payment Method practical in the marketplace and methods and systems for preventing cheating in expected value payment bets.
Inventors
- 👤 Michael T. Rossides
Bibliographic Details
Application Number
—
Jurisdiction
US
Data Source
google_patents
Last Synchronized
2026-11-02 16:08
CPC Classifications
G; G07; G07B; G07B15/00; G06; G06Q; G06Q20/00; G06Q20/08; G06Q20/20; G06Q30/00; G06Q30/02; G06Q30/0207; G06Q30/0212; G06Q30/0236; G07C; G07C15/00; G07C15/006; G07F; G07F17/00; G07F17/14; G07F17/145
Claims Analysis
Total Claims: 4
Claim 1
Independent Claim
198 words
A probabilistic method and system for sorting customers that includes a random number generator and means for registering customer identification information, for setting time periods when a customer is eligible to win, for setting the chances of winning, for operating the random number generator to determine whether customer has won, and for recording how many times a customer has engaged in the random selection process; said method and system also comprising the following steps: a. using said probability setting means to set a probability that a customer will be able to buy a commodity at a certain price, said probability represented by a fraction X/N, less than 1, where X and N are positive integers, b. using said registration means to record a customer's identification information, c. operating said random number generator to determine whether said customer has won the right to buy the commodity at said price, said random number generator selecting an integer from 1-N, c1. if the integer selected is less than or equal to X then the customer wins, c2. if not, the customer does not win, d. using said registration means to record that said customer has engaged in said random selection process.
Claim 2
Dependent Claim
198 words
A probabilistic method and system for sorting customers that includes a random number generator and means for registering customer identification information, for setting time periods when a customer is eligible to win, for setting the chances of winning, for operating the random number generator to determine whether customer has won, and for recording how many times a customer has engaged in the random selection process; said method and system also comprising the following steps: a. using said probability setting means to set a probability that a customer will be able to buy a commodity at a certain price, said probability represented by a fraction X/N, less than 1, where X and N are positive integers, b. using said registration means to record a customer's identification information, c. operating said random number generator to determine whether said customer has won the right to buy the commodity at said price, said random number generator selecting an integer from 1-N, c1. if the integer selected is less than or equal to X then the customer wins, c2. if not, the customer does not win, d. using said registration means to record that said customer has engaged in said random selection process.
Claim 3
Dependent Claim
198 words
A probabilistic method and system for sorting customers that includes a random number generator and means for registering customer identification information, for setting time periods when a customer is eligible to win, for setting the chances of winning, for operating the random number generator to determine whether customer has won, and for recording how many times a customer has engaged in the random selection process; said method and system also comprising the following steps: a. using said probability setting means to set a probability that a customer will be able to buy a commodity at a certain price, said probability represented by a fraction X/N, less than 1, where X and N are positive integers, b. using said registration means to record a customer's identification information, c. using said time setting means to divide a period of time, T, into N units, where N is an integer, and operating said random number generator, said random number generator selecting an integer from 1-N, d. awarding said customer the right to buy the commodity during the unit selected by the random number generator, e. using said registration means to record that said customer has engaged in said random selection process.
Claim 4
Dependent Claim
198 words
A probabilistic method and system for sorting customers that includes a random number generator and means for registering customer identification information, for setting time periods when a customer is eligible to win, for setting the chances of winning, for operating the random number generator to determine whether customer has won, and for recording how many times a customer has engaged in the random selection process; said method and system also comprising the following steps: a. using said probability setting means to set a probability that a customer will be able to buy a commodity at a certain price, said probability represented by a fraction X/N, less than 1, where X and N are positive integers, b. using said registration means to record a customer's identification information, c. using said time setting means to divide a period of time, T, into N units, where N is an integer, and operating said random number generator, said random number generator selecting an integer from 1-N, d. awarding said customer the right to buy the commodity during the unit selected by the random number generator, e. using said registration means to record that said customer has engaged in said random selection process.
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USPTO Annuity & Maintenance Windows
| Annuity Stage | Window Opens | Payment Deadline | Surcharge Period Until | Estimated Fee | Status |
|---|---|---|---|---|---|
| 3.5 Years (Year 4) | 2000-04-14 | 2000-10-14 | 2001-04-15 | $2000.00 | Window Closed / Lapsed |
| 7.5 Years (Year 8) | 2004-04-14 | 2004-10-14 | 2005-04-15 | $3760.00 | Window Closed / Lapsed |
| 11.5 Years (Year 12) | 2008-04-14 | 2008-10-14 | 2009-04-15 | $7700.00 | Window Closed / Lapsed |