Session 8 online auctions Flashcards

1
Q

models of electronic markets

A

model 1: bilateral negotiation (one buyer, one seller)
model 2: Sales Auctions (many buyers, one seller)
Model 3: reverse auctions (one buyer, many sellers)
Model 4: double auctions (Many buyers, many sellers)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

characteristic of bilateral negotiation

A

most transacted goods on electronic auctions are hard to price
- reduce search costs
- procurement reach

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

characteristic of sales auctions

A

type 1 english auction: bid until surplus with auctioneer
type 2 Dutch auction: start with max surpls, until validation, with auction clock
type 3 Sealed bid auction (google search ads)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

characteristic of reverse auctions

A

buyers submit a description of the requested product/service, seller can bid to provide….highest quality/price ratio

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

double auction

A

auction platform matching engine - e.g. stock market, gold, financial assets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly