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Posted Price Offers in Internet Auction Markets

Title data

Seifert, Stefan:
Posted Price Offers in Internet Auction Markets.
Berlin : Springer , 2006 . - (Lecture Notes in Economics and Mathematical Systems ; 580 )
ISBN 3-540-35265-1
DOI: https://doi.org/10.1007/978-3-540-35268-6

Official URL: Volltext

Abstract in another language

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 theoretic 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.

Further data

Item Type: Book / Monograph
Institutions of the University: Faculties
Faculties > Faculty of Law, Business and Economics
Faculties > Faculty of Law, Business and Economics > Department of Business Administration
Faculties > Faculty of Law, Business and Economics > Department of Business Administration > Chair Business Administration XI > Chair Business Administration XI - Univ.-Prof. Dr. Stefan Seifert
Faculties > Faculty of Law, Business and Economics > Department of Business Administration > Chair Business Administration XI
Result of work at the UBT: No
DDC Subjects: 300 Social sciences
300 Social sciences > 330 Economics
Date Deposited: 24 Jun 2015 09:33
Last Modified: 23 Nov 2015 18:07
URI: https://eref.uni-bayreuth.de/id/eprint/15363