Posted Price Offers in Internet Auction Markets

Download or read book Posted Price Offers in Internet Auction Markets written by Stefan Seifert and published by Springer Science & Business Media. This book was released on 2006-09-25 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 sellers and the bidders, providing useful insight into actual behavior. The theoretic results are compared with strategies of students in a controlled experiment. The experimental observations expose shortcomings of standard economic theories and help to further improve electronic markets.