An Agent Based Market Design Methodology for Combinatorial Auctions

Auction mechanisms have attracted a great deal of interest and have been used in diverse e-marketplaces. In particular, combinatorial auctions have the potential to play an important role in electronic transactions. Therefore, diverse combinatorial auction market types have been proposed to satisfy market needs. These combinatorial auction types have diverse market characteristics, which require an effective market design approach. This study proposes a comprehensive and systematic market design methodology for combinatorial auctions based on three phases: market architecture design, auction rule design, and winner determination design. A market architecture design is for designing market architecture types by Backward Chain Reasoning. Auction rules design is to design transaction rules for auctions. The specific auction process type is identified by the Backward Chain Reasoning process. Winner determination design is about determining the decision model for selecting optimal bids and auctioneers. Optimization models are identified by Forward Chain Reasoning. Also, we propose an agent based combinatorial auction market design system using Backward and Forward Chain Reasoning. Then we illustrate a design process for the general n-bilateral combinatorial auction market. This study serves as a guideline for practical implementation of combinatorial auction markets design.Combinatorial Auction, Market Design Methodology, Market Architecture Design, Auction Rule Design, Winner Determination Design, Agent-Based System

An Empirical Study on Consumer Acceptance of Digital Products and Physical Products in Electronic Markets

Although E-Commerce has marketability as well as usefulness, there are few empirical studies on consumer acceptance using the transaction cost theory. This paper suggests that consumer product acceptance is determined by the difference of transaction cost. And the uncertainty and asset specificity which determine the transaction cost can affect the consumer acceptance of products. In addition, we focus on the different characteristics of digital and physical products in electronic markets. We found that transaction cost, uncertainty, and asset specificity have a significant effect on consumer product acceptance of digital products, while only transaction costs and uncertainty have a significant effect on consumer product acceptance of physical products. In consequence we provide companies to some guidelines of strategic planning for the development of products in electronic markets

META-ANALYTIC EVIDENCE ON THE RELATIONSHIP BETWEEN PRODUCT DIVERSIFICATION STRATEGIES AND FINANCIAL PERFORMANCE

Auf Basis meta-analytischer Integration von 82,742 empirischen Befunden aus 104 publizierten Studien testen wir die weitverbreitete Theorie, dass Produktdiversifikationsstrategien den finanziellen Erfolg von Unternehmen beeinflussen. Wir unterscheiden dabei explizit Korrelationen, die lediglich eine Assoziation suggerieren, von Korrelationen, die es erlauben, auf Kausalität zu schließen. Unsere Ergebnisse zeigen, dass die Sequenz der Variablenmessung sowie die Multidimensionalität der Variablenkonstrukte empirisch beobachtete Zusammenhänge zwischen Diversifikationsstrategien und Erfolg stark beeinflussen. Unter anderem zeigt die Analyse, dass verwandte und unverwandte Diversifikation lediglich mit simultan gemessenem- und nicht mit zeitlich verzögertem bilanz- und markt-basiertem Unternehmenserfolg signifikant korrelieren. Vor diesem Hintergrund stellt diese Studie vormalige metaanalytische Ergebnisse sowie Teile der vorherrschenden Theorie zu Erfolgseffekten von Diversifikationsstrategien in Frage. Des weiteren bietet unsere Studie wichtige Hinweise für das Design der Mess-Strategien zukünftiger Forschung in diesem Themenkreis.Corporate Strategy, Financial Performance, Meta-Analysis, Product Diversification

The Economics of Peer-to-Peer Networks

Peer-to-Peer (P2P) networks have emerged as a significant social phenomenon for the distribution of information goods and may become an important alternative to traditional client-server network architectures for knowledge sharing within enterprises. This paper reviews and synthesizes the relevant computer science and economics literatures as they relate to P2P networks, and raises important questions for researchers interested in studying the behavior of these networks from the perspective of the economics of information technology. With regard to the economic characteristics of these networks, we show that while the characteristics of services provided over P2P networks are similar to public goods and club goods, they have many important differences and hence there is a need for new theoretical models as well as empirical and experimental analysis to understand P2P user behavior. We then identify several important areas for study with regard to the economics of P2P networks and review recent academic papers in each area

COMBINATORIAL AUCTIONS WITH TRANSPORTATION COST

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Measuring the Return on Information Technology: A Knowledge-Based Approach for Revenue Allocation at the Process and Firm Level

This paper proposes an approach for measuring the return on Information Technology (IT) investments. A review of existing methods suggests the difficulty in adequately measuring the returns of IT at various levels of analysis (e.g., firm or process level). To address this issue, this study aims to develop a method for allocating the revenue and cost of IT initiatives at any level of analysis using a common unit of measurement. Following the knowledge-based view (KBV), this paper proposes an analytic method for measuring the historical revenue and cost of IT investments by estimating the amount of knowledge necessary to generate a common unit of output from any business process. The amount of required knowledge is operationalized using the ¡®average learning time\u27 measure. The proposed operationalization is illustrated with a practical case example. The proposed KBV approach is extended specifically for IT resources, allowing us to assess the Return on IT (ROIT) using a typical productivity ratio (similar to ROI or ROA) that accurately captures the true business value of IT (despite any complementarities) at virtually any level of analysis