Posted Price Offers in Internet Auction Markets
By: Seifert, Stefan [author.].
Contributor(s): SpringerLink (Online service).
Material type:
BookSeries: Lecture Notes in Economics and Mathematical Systems: 580Publisher: Berlin, Heidelberg : Springer Berlin Heidelberg, 2006.Description: XIV, 184 p. online resource.Content type: text Media type: computer Carrier type: online resourceISBN: 9783540352686.Subject(s): Business | Operations research | Decision making | Information technology | Business -- Data processing | E-commerce | Economic theory | Business and Management | Operation Research/Decision Theory | IT in Business | e-Commerce/e-business | Economic Theory/Quantitative Economics/Mathematical MethodsDDC classification: 658.40301 Online resources: Click here to access online | Item type | Current location | Call number | Status | Date due | Barcode | Item holds |
|---|---|---|---|---|---|---|
E books
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PK Kelkar Library, IIT Kanpur | Available | EBK5722 |
Model of the APPO Market Institution -- Design of the APPO Experiment -- Results of the Experiment -- Conclusion and Outlook.
New information technologies allow for the design of innovative electronic markets which can improve the efficiency of trading. In this context, several internet marketplaces have recently extended the flexibility of their selling mechanisms by creating hybrid institutions which combine an auction with a fixed price offer so that buyers can choose to bid in the auction or to acquire the item for the fixed price. Applying a Market Engineering approach, this book introduces a model of an auction with a posted price offer and investigates the characteristics of such mechanisms. It discusses the respective equilibrium strategies of both the sellers and the bidders which provide useful insights into understanding actual behavior. The theoretical results are compared with strategies of students in a controlled experiment. The experimental observations indicate shortcomings of standard economic theories and help to further improve electronic markets.
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