Available online 5 June 2013

The significance of the market structure, in particular the role of the market maker, on the overall success of a marketplace is still an unresolved issue. This paper examines market structures with a focus on the role of the market maker to identify the implications for participants of the various structures and mechanisms employed in electronic markets. Market maker strategies are classified ...

This paper describes research supporting the development of a conceptual model for understanding the sources of business value of Business-to-Business (B2B) Electronic Markets. Based on six case studies and an analysis of current literature, Aggregation, Matching, and Integration emerged as the three key sources of business value. The framework provides a structured and systematic approach for ...

The design of the microstructure of electronic markets is crucial for their success. Less effort has been made in this area, especially for commodity markets. This paper illustrates five key problems of market design and introduces the concept of cascading dynamic market models as a promising solution to cope with most of them. Taking the multi-dimensional character of commodities into consider...

Despite its ubiquity, the concept of competitive advantage is surprisingly under-defined. At its worst, it is nothing more than a tautology: successful firms are successful because they have competitive advantage, which in turn cannot be defined in any other way than as a quality that brings about success. Defining the possession in terms of the outcome it produces presents ontological difficul...

The concentration index, being focused on the socioeconomic dimension of health inequality and overlooking aversion to pure health inequality, can produce ethically contestable rankings of health distributions. A health transfer from a sicker but richer individual to healthier but poorer individual will decrease the concentration index. This paper presents a new class of health inequality indic...

The paper studies the influence of Gordon Tullock (1967) and the rent-seeking literature more generally on the study of corruption. The theoretical corruption literature with its emphasis on principal-agent relationships within government and rent creation by corruption politicians has largely, but not entirely, overlooked that contestable rents encourage unproductive use of real resources in s...

The electronic market hypothesis (EMH) predicts that by reducing coordination costs, information technology (IT) will shift industrial organization from hierarchical to market-based forms of economic activity. While academic researchers and practitioners have witnessed these shifts with the advent of the Internet, there is little understanding about the process and the underlying forces that dr...