Method and system for dynamic assignment of counterparties in Negotiations
Original Publication Date: 2002-Jul-20
Included in the Prior Art Database: 2003-Jun-21
The invention solves the problem of dynamic online assignment of potential counterparties for further negotiations between multiple buyers and sellers on multiple negotiable attributes. Problem Solved Two-party (private one-on-one) negotiations constitute a popular mechanism for concluding agreements between counterparties, typically buyers and sellers. When any buyer/seller enters a marketplace, it has to make a choice on the set of parties to shortlist for further negotiations. However, it might not have the capacity or the desire to negotiate with a very large number of counterparties. Further, while party would like to negotiate with the counterparties offering the best deals, at the same time, they would understand the need to be realistic, given the preferences of the counterparties and competition from other parties. Thus, the question of shortlisting for the party, a manageable number of realistic counterparties attains paramount importance. The preferences and requirements of the parties might change over time. Further, new parties looking for potential negotiation partners might enter the marketplace, and negotiating parties might become free to negotiate with others on termination of some of their negotiations.