The Product-Mix Auction: a New Auction Design for Differentiated Goods Paul Klemperer Nuffield College‚ Oxford‚ OX1 1NF‚ England paul.klemperer@economics.ox.ac.uk +44 777 623 0123 Journal of the European Economic Association‚ 2010‚ 8‚ forthcoming (first version‚ 2008) The most recent public version of this paper is available at http://www.paulklemperer.org Abstract I describe a new static (sealed-bid) auction for differentiated goods—the “Product-Mix Auction”. Bidders bid on multiple assets simultaneously
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list their components. List the major types of e-marketplaces and describe their features. Describe electronic catalogs‚ search engines‚ and shopping carts. Describe the major types of auctions and list their characteristics. Learning Objectives Discuss the benefits‚ limitations‚ and impacts of auctions. Describe bartering and negotiating online. EC ACTIVITIES AND MECHANISMS The EC trading activities are divided into six categories. Each activity is supported by one or more
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online auction market Jeffrey Phillips • Brian Somok • Xiaoke Zheng Executive Summary Background eBay Inc history: September 1995: funded as a sole proprietorship. May 1996: incorporated in California. April 1998: reincorporated in Delaware. September 1998: completion of initial public offering October 2002: acquired PayPal Product Online Auction: Every day‚ 24 hours a day‚ 7 days a week‚ 365 days a year‚ millions of people from all over the world go shopping at online auctions. This
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Answers to Pause/Break Section Review Questions Section 2.1 Review Questions 1. What is the difference between a physical marketplace and an e-marketplace (marketspace)? A marketspace is an electronic marketplace. While traditional marketplaces are constrained by their physical locations‚ marketspaces use technology to eliminate this constraint (by being online). 2. List the components of a marketspace. A marketspace consists of the following components: customers‚ sellers‚ goods
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cut flowers is the Netherlands‚ which dominates the world cut-flower trade. There‚ seven auction houses handle about 60 percent of the world’s cut-flower exports. Some auction houses are very large indeed -- Aalsmeer‚ near Amsterdam‚ is an auction house in the sense that Tokyo is a city or Everest a mountain. Its scale is daunting. About 120 soccer fields would fill its main hangar‚ which holds five auction halls. Nineteen million cut flowers are sold here on an average day. The Netherlands is
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sales‚ and sell them at a profit on eBay or other auction sites. Be sure to arrive early to beat other bargain hunters. The big money lies in spotting collectables to sell on‚ so research online first or (subtly) use your mobile phone’s web browser. There’s a quick way to glean a product’s market value on eBay*. Fill in the search box and tick ’completed items’ on the left-hand grey bar. It’ll come up with a list of prices similar auctions have already fetched. Then sort by "Price: lowest
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ePass system‚ there is no risk affecting the company’s core business. Based on the facts‚ having a large number of capable suppliers with a high annual expenditure and limited supply risk‚ global hotels issue is a leverage item meaning that reverse auctions would be a solution to cost saving. For the raw materials (Malic Acid) issue‚ changing supplier from Tao is risky to Betapharm. Tao has the reputation in the pharmaceutical industry‚ and is one of the leading suppliers. Tao had been Betapharm’s
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Commodity Trading Division‚ was in the process of producing her annual sourcing report for the company’s three-year plan. While NEP seems to have had success using the competitive bidding process‚ reverse auctions may be the wave of the future. Mrs. Houston was wondering if the reverse auction sourcing approach would work for purchasing the company’s coal requirements. Questions 1. As purchasing manager for NEP‚ what is your evaluation of the various alternatives open to Deon for the purchase
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1. Why has eBay succeeded as an online auction marketplace while so many others have failed? eBay’s success truly created a pricing revolution by allowing buyers to determine what they would pay for an item; the result pleases both sides because customers gain control and receive the best possible
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operation say-so from China to California. EBay also underestimated the strong ties that Asians felt toward the online auction media already in place. In addition‚ eBay failed to understand the political implication of doing business in China. Ebay entered the Asian market in 2003 with the purchase of EachNet. Ebay‚ through EachNet cornered 90% of the market share for online auctions in China at the time. Loyal EachNet users kept coming back. Then‚ decision making responsibilities moved to eBay headquarters
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