MUMBAI, India, Sept. 12 -- Intellectual Property India has published a patent application (202411012643 A) filed by Bennett University, Greater Noida, Uttar Pradesh, on Feb. 22, 2024, for 'ai-based price estimation in online auctions.'
Inventor(s) include Prof. Ajith Abraham; and Prof. Arpit Bhardwaj.
The application for the patent was published on Sept. 12, under issue no. 37/2025.
According to the abstract released by the Intellectual Property India: "The invention provides a system for artificial intelligence-based price estimation in online auctions. The system comprises a data input module to receive and process data concerning auction items, a machine learning module trained to estimate auction prices, and an output module to present estimated prices to users. The system can receive real-time updates on bidding activities, use supervised and reinforcement learning algorithms, and present a range of estimated prices based on varying auction conditions. The output module can present prices in intuitive formats such as graphs or charts, and provide confidence levels for each estimate, reflecting the system's certainty in its predictions. The machine learning module can be periodically retrained to account for changes in auction trends or market conditions. The invention aims to enhance the user experience and decision-making process in online auctions by providing accurate and timely price predictions."
Disclaimer: Curated by HT Syndication.
