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The use of electronic catalogs and auctions as market mechanisms in electronic commerce. It discusses two approaches to creating customized catalogs, the role of search engines and software agents, and the limitations and benefits of traditional off-line auctions compared to electronic auctions. Types of auctions such as forward auctions, reverse auctions, name-your-own-price model, and double auctions are also covered.
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A computer program that can access a database of Internet resources, search for specific information or keywords, and report the results
Software that can perform routine tasks that require intelligence
Auctions conducted online
Prices that change based on supply and demand relationships at any given time
Prentice Hall © 2006 (^) Docsity.com 25
reverse auction (bidding or tendering system) Auction in which the buyer places an item for bid ( tender ) on a request for quote (RFQ) system, potential suppliers bid on the job, with the price reducing sequentially, and the lowest bid wins; primarily a B2B or G2B mechanism
double auction Auctions in which multiple buyers and their bidding prices are matched with multiple sellers and their asking prices, considering the quantities on both sides
