The valuation for each class is based on a computer analysis of the aggregate bidding and asking prices. Wharton auctions only elective courses. In April between 140 and 150 classes for the fall semester go on sale. In the first round, which lasts about a week, the university is the seller. The starting asking price for each class is zero, and the school accepts sealed bids from students via a Java-based Web interface.
Students can bid all of the points they have in their accounts.
If they don't spend any points on course electives one semester, they can save them to use later. If there were 35 places and 39 bids, the clearing price is the 36th bid. But if there were fewer bids than seats, the clearing price would be zero. They set their own asking prices, while other students bid on the courses based on what they're willing to pay. The computer then takes all the information and sets the price using the same type of computer analysis as at Chicago.