Download or read book Economic Insights from Internet Auctions written by Patrick L. Bajari and published by . This book was released on 2003 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper surveys recent studies of Internet auctions. Four main areas of research are summarized. First, economists have documented strategic bidding in these markets and attempted to understand why sniping, or bidding at the last second, occurs. Second, some researchers have measured distortions from asymmetric information due, for instance, to the winner's curse. Third, we explore research about the role of reputation in online auctions. Finally, we discuss what Internet auctions have to teach us about auction design.
Download or read book The Perfect Store written by Adam Cohen and published by Hachette+ORM. This book was released on 2008-12-14 with total page 245 pages. Available in PDF, EPUB and Kindle. Book excerpt: When Pierre Omidyar launched a clunky website from a spare bedroom over Labor Day weekend of 1995, he wanted to see if he could use the Internet to create a perfect market. He never guessed his old-computer parts and Beanie Baby exchange would revolutionize the world of commerce. Now, Adam Cohen, the only journalist ever to get full access to the company, tells the remarkable story of eBay's rise. He describes how eBay built the most passionate community ever to form in cyberspace and forged a business that triumphed over larger, better-funded rivals. And he explores the ever-widening array of enlistees in the eBay revolution, from a stay-at-home mom who had to rent a warehouse for her thriving business selling bubble-wrap on eBay to the young MBA who started eBay Motors (which within months of its launch was on track to sell $1 billion in cars a year), to collectors nervously bidding thousands of dollars on antique clothing-irons. Adam Cohen's fascinating look inside eBay is essential reading for anyone trying to figure out what's next. If you want to truly understand the Internet economy, The Perfect Store is indispensable.
Download or read book Posted Price Offers in Internet Auction Markets written by Stefan Seifert and published by Springer Science & Business Media. This book was released on 2006-09-25 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 sellers and the bidders, providing useful insight into actual behavior. The theoretic results are compared with strategies of students in a controlled experiment. The experimental observations expose shortcomings of standard economic theories and help to further improve electronic markets.
Download or read book The Oxford Handbook of the Digital Economy written by Martin Peitz and published by Oxford University Press. This book was released on 2012-08-23 with total page 615 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economic analysis of the digital economy has been a rapidly developing research area for more than a decade. Through authoritative examination by leading scholars, this Handbook takes a closer look at particular industries, business practices, and policy issues associated with the digital industry. The volume offers an up-to-date account of key topics, discusses open questions, and provides guidance for future research. It offers a blend of theoretical and empirical works that are central to understanding the digital economy. The chapters are presented in four sections, corresponding with four broad themes: 1) infrastructure, standards, and platforms; 2) the transformation of selling, encompassing both the transformation of traditional selling and new, widespread application of tools such as auctions; 3) user-generated content; and 4) threats in the new digital environment. The first section covers infrastructure, standards, and various platform industries that rely heavily on recent developments in electronic data storage and transmission, including software, video games, payment systems, mobile telecommunications, and B2B commerce. The second section takes account of the reduced costs of online retailing that threatens offline retailers, widespread availability of information as it affects pricing and advertising, digital technology as it allows the widespread employment of novel price and non-price strategies (bundling, price discrimination), and auctions, as well as better tar. The third section addresses the emergent phenomenon of user-generated content on the Internet, including the functioning of social networks and open source. Finally, the fourth section discusses threats arising from digitization and the Internet, namely digital piracy, privacy and internet security concerns.
Download or read book Economics and Computation written by Christopher A. Wilkens and published by . This book was released on 2013 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is a growing research tradition in the interface between Economics and Computer Science: Economic insights and questions about incentives inform the design of systems, while concepts from the theory of computation help illuminate classical Economics problems. This dissertation presents results in both directions of the intellectual exchange. Originally designed by industry engineers, the sponsored search auction has raised many interesting questions and spurred much research in auction design. For example, early auctions were based on a first-price payment model and proved to be highly unstable -- this dissertation explores how improvements in the bidding language could restore stability. We also show that a first-price auction offers substantially better performance guarantees when a single advertiser may benefit from multiple ads. Another interesting problem arises because sponsored search auctions must operate with limited information about a user's behavior -- we show how sampling can maintain incentive compatibility even when the auctioneer incorrectly predicts the user's behavior. Computational tools also offer novel ways to understand the limits of complex economic systems. For example, a fundamental observation in this intellectual exchange is that people cannot be expected to solve computationally intractable problems. We show that this insight engenders a new form of stability we call complexity equilibria: when production has economies of scale, markets may be stable because finding a good deviation is computationally intractable. We also use techniques from communication complexity to show that equilibrium prices, even when they exist, may need to encode an impractical amount of information to guarantee that a market clears.
Download or read book Understanding Auctions written by Asunción Mochón and published by Springer. This book was released on 2014-09-15 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, auctions have become an important field and many markets have designed new and sophisticated auction models to assign different types of items. The prime goal of this book is to set an organized classification of the main auction mechanisms in a way that readers can understand the importance of auction design and the advantages and drawbacks of each model. Given the relevance of the subject, there is a great volume of research about this topic. Nevertheless, most of these contributions use complex mathematical language difficult to understand for the average reader. In this book, the authors summarize the main ideas of the auction theory and explain them with simple language and plenty of examples. This book is a good starting point for any researcher interested in embracing the auction design as it also includes numerous real-world examples to engage the reader in the topic. “This book fills an important gap by making the main ideas and findings of auction research accessible.” Professor Paul Milgrom, Department of Economics, Stanford University.
Download or read book Internet and Digital Economics written by Eric Brousseau and published by Cambridge University Press. This book was released on 2007-06-28 with total page 704 pages. Available in PDF, EPUB and Kindle. Book excerpt: How are our societies being transformed by internet and digital economics? This book provides an accessible introduction to the economics of the internet and a comprehensive account of the key mechanisms and future directions of the digital economy.
Download or read book Mathematics of the Internet written by Brenda Dietrich and published by Springer. This book was released on 2012-10-05 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt: The use of the internet for commerce has spawned a variety of auctions, marketplaces, and exchanges for trading everything from bandwidth to books. Mechanisms for bidding agents, dynamic pricing, and combinatorial bids are being implemented in support of internet-based auctions, giving rise to new versions of optimization and resource allocation models. This volume, a collection of papers from an IMA "Hot Topics" workshop in internet auctions, includes descriptions of real and proposed auctions, complete with mathematical model formulations, theoretical results, solution approaches, and computational studies. This volume also provides a mathematical programming perspective on open questions in auction theory, and provides a glimpse of the growing area of dynamic pricing.
Download or read book Putting Auction Theory to Work written by Paul Milgrom and published by Cambridge University Press. This book was released on 2004-01-12 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive introduction to modern auction theory and its important new applications. It is written by a leading economic theorist whose suggestions guided the creation of the new spectrum auction designs. Aimed at graduate students and professionals in economics, the book gives the most up-to-date treatments of both traditional theories of 'optimal auctions' and newer theories of multi-unit auctions and package auctions, and shows by example how these theories are used. The analysis explores the limitations of prominent older designs, such as the Vickrey auction design, and evaluates the practical responses to those limitations. It explores the tension between the traditional theory of auctions with a fixed set of bidders, in which the seller seeks to squeeze as much revenue as possible from the fixed set, and the theory of auctions with endogenous entry, in which bidder profits must be respected to encourage participation.
Download or read book Internet Auctions written by Ernan Haruvy and published by Now Publishers Inc. This book was released on 2010 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: Internet Auctions reviews recent empirical and theoretical works on internet auctions with a focus on internet auction design, formats, and features that are currently debated in the marketing literature.
Download or read book The ebay Phenomenon written by David Bunnell and published by John Wiley & Sons. This book was released on 2001-05-02 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mehr als 10 Millionen Nutzer in 90 Ländern und eine Million Auktionen täglich - das ist eBay, das weltweit größte Online-Handelsunternehmen. Aufmerksame Manager und Unternehmer erkennen, wie sehr dieses Unternehmen die Geschäftswelt beeinflußt hat mit der Erfindung einer ganz neuen Industrie und seinem sensationell-originellen Beispiel für den Internethandel. Dieses Buch ergründet die Dynamik und die Strategien, die eBay zu einem der profitabelsten E-Commerce Unternehmen weltweit gemacht haben. Es enthüllt, wie Kunden ihren Schnitt gemacht haben und von jener Internetadresse profitierten, die alles handelt - von der Briefmarke bis zur Limousine. High-Tech Guru David Bunnell analysiert Philosophie und Funktionweise eines digitalen Riesen und ermöglicht einen unvergleichlichen Einblick in ein Unternehmen, das beständig neue Wege findet, Konkurrenten auszustechen und enge E-Gemeinschaften zu knüpfen.
Download or read book Analysis of the online auction platform eBay Advantages and disadvantages written by Adam Liskar and published by GRIN Verlag. This book was released on 2019-10-30 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Projektarbeit aus dem Jahr 2019 im Fachbereich VWL - Mikroökonomie, allgemein, Note: 1.3, Macromedia Fachhochschule der Medien München, Sprache: Deutsch, Abstract: This paper discusses the business idea eBay, its strengths and weaknesses. Bidding over the Internet brings with it several advantages, but also disadvantages. Especially buyers can be harmed by opportunistic behavior of the transaction partner. Companies that want to sell their goods electronically will have to consider soon whether eBay is not a good alternative to the traditional online shop. The services offered are aimed at almost every type of user and meet the requirements of large companies. Both the simple evaluation of figures and the constant presence of customers suggest that shop providers with fixed prices must prepare for new competition. For them, the type of eBay use is irrelevant, since the application flow for pure sales via eBay is the same as the implementation in an existing sales system. The main problem with Internet auctions is the fact that the players involved do not know each other. Trading between two individuals via online auctions therefore requires a high degree of trust. Customers also enjoy more and more auctions and the possibility to get high-quality goods at good prices. It must be considered, however, that the inhibition threshold for Internet shopping is still quite high in the population. The eBay platform certainly offers new sales potential in all areas with low investment costs at the same time. However, the market must be constantly monitored, as changes in demand can often be perceived too late.
Download or read book Auctions Theory and practical application written by Christina Haring and published by GRIN Verlag. This book was released on 2004-03-11 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2003 in the subject Business economics - Trade and Distribution, grade: 2,1 (UK-Note: 60 (B)), City University London (International Business Economics), language: English, abstract: For centuries, auctions are used to buy and sell goods and are regarded as an appropriate and effective method of a dynamical pricing procedure. In the last decades, economists are increasingly engaged in finding new, more efficient ways of auctions and developing the belonging strategies for bidders and sellers. Nowadays the development of new technologies has a strong impact on the economic environment. Many traditional business styles are transforming or are already transformed into electronic transactions. The increasing spread and usage of the Internet significantly influenced the auction business and caused a shift from the traditional forms to various online auction forms with a more extensive and flexible character according to product range, locations and payment methods. The online auction pages are available 24 hours a day to people all over the world. In the last years, the reach of customers has dramatically expanded on a global basis, which indicates a clear threat to traditional auctioneers, who are loosing their market dominance. In the following study primarily the theoretical approaches of auctions and its most common types are examined. Based on one of the major types, a recent Internet auction company is analysed. Main attention is paid to the auction design and the deductive implications on revenues and economic efficiency in general.
Download or read book Mathematics of the Internet written by Brenda Dietrich and published by Springer Science & Business Media. This book was released on 2001-12-14 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: The use of the internet for commerce has spawned a variety of auctions, marketplaces, and exchanges for trading everything from bandwidth to books. Mechanisms for bidding agents, dynamic pricing, and combinatorial bids are being implemented in support of internet-based auctions, giving rise to new versions of optimization and resource allocation models. This volume, a collection of papers from an IMA "Hot Topics" workshop in internet auctions, includes descriptions of real and proposed auctions, complete with mathematical model formulations, theoretical results, solution approaches, and computational studies. This volume also provides a mathematical programming perspective on open questions in auction theory, and provides a glimpse of the growing area of dynamic pricing.
Download or read book Ftc Bureau of Economics Roundtable on the Economics of Internet Auctions written by Christopher Adams and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: On October 27, 2005, the Bureau of Economics at the Federal Trade Commission hosted a roundtable on the Economics of Internet Auctions. This one-day conference brought together academic experts, industry professionals and government economists to discuss and learn about Internet auctions. This paper is a brief summary of the papers presented and panel discussions at the conference. The conference covered three main issues: (1) fraud and information problems on consumer-to-consumer Internet auction sites like eBay, (2) competition between auction sites and amongst auction site users, and (3) the data generated from auction sites and what inferences may be drawn from such data. The keynote address was given by Prof. Hal Varian. Varian discussed the auctions used by Google to sell "keyword" searches.
Download or read book Best Practices for Online Procurement Auctions written by Parente, Diane H. and published by IGI Global. This book was released on 2007-12-31 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Offers a systematic approach to the examination of online procurement auctions. Growth in online auctions reinforces the need for understanding the factors important in auctions and the caveats that both researchers and practitioners need to know in order to effectively study and use the auction tool.
Download or read book eCommerce Economics written by David VanHoose and published by Taylor & Francis. This book was released on 2011-03-18 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: This second edition of eCommerce Economics addresses the economic issues associated with using computer-mediated electronic networks, such as the Internet, as mechanisms for transferring ownership of or rights to use goods and services. After studying this book, students will recognize problems that arise in the electronic marketplace, such as how to gauge the competitive environment, what products to offer, how to market those products, and how to price those products. They also will understand the conceptual tools required to evaluate the proper scope of public policies relating to electronic commerce. Core topics covered in the book include the underpinning of electronic commerce and the application of basic economic principles, including the theories of perfect and imperfect competition, to the electronic marketplace. Building on this foundation, the book discusses virtual products, network industries, and business strategies and conduct. Additional key topics include Internet advertising, intellectual property rights in a digital environment, regulatory issues in electronic markets, public sector issues, online banking and finance, digital cash, international electronic trade, and the implications of e-commerce for aggregate economic activity.
