At first glance, there seems to be a broad understanding regarding business models. However, a more thorough analysis of existing resources paints a different picture. The term ‘business model’ often remains undefined and a consensus on the elements of business models is lacking. An analysis of various sources, such as electronic databases, conference proceedings, and EM – Electronic Markets it...

The determination of the target for a manufacturing process involves a complex and fiscally vital decision. This study examines a situation where a product is classified into several grades with respect to specifications of markets. It is reasonably assumed that each grade gives its price and manufacturers cannot produce every item in good grade due to uncontrollable variation of product perfor...

The Internet allows for A2A commerce at an unprecedented scale; anyone can do business with anyone. The new markets made possible by the Internet bring with them new challenges. This paper presents a system for buyers in electronic markets to avoid bad sellers by modeling the reputation of a seller. The model proposed by Cohen and Tran [6] is extended to provide a method for the exchange of ind...

We model the availability of product information in Internet-based markets, and explain the underlying causes for the phenomenon of less than perfect information available to consumers of products and services in these markets. We use Salop’s model of product differentiation and explore the conditions under which sellers make horizontal information available to buyers. We demonstrate that under...

The Internet revolution brought about significant changes in the availability of market information to consumers in many industries. This research examines technology-driven changes in market transparency, defined as the ability of market participants to observe information about products and prices. The objective is to develop a modeling and empirical basis for a theory of market transparency ...

W provides better inputs to new product ideation tasks, problem solvers with expertise in the area for which new products are to be developed or problem solvers from “analogous” markets that are distant but share an analogous problem or need? Conventional wisdom appears to suggest that target market expertise is indispensable, which is why most managers searching for new ideas tend to stay with...

The Trading Agent Competition (TAC) is an open-invitation forum designed to encourage research into electronic markets and trading agents. In this paper we present the Socrates trading agent and the strategies that were developed for and used in the TAC Supply Chain Management game as part of the 2004 competition. The resulting behaviour and performance in the TAC competition as well as in a se...

In this paper, we extend field experiments of real money prediction markets to the problem of forecasting the success of a new product. We collect forecasts using a traditional survey mechanism and a market mechanism. Our results suggest that market prices summarize the information contained in survey forecasts and improve those forecasts by reducing the variability of the forecast. However, we...

Abstract This paper presents and discusses a number of criteria for the design and implementation of electronic market servers. It first briefly reviews a number of electronic markets currently operational over the internet then offers some ideas on the types of new markets that may become successful. It then presents the design criteria for market servers, necessary to support these virtual ma...