Types of Electronic Auctions
Auctions as social processes and special types of markets have process rules that determine price determination. These rules allow to distinguish auctions and other markets as well as to classify auction types. Formal specifications of electronic auctions which mimic their classical counterparts can be given by use of trace specifications. For system implementations, e.g. systems in the tourist industry, these specifications can be used as starting points for system developments.
KeywordsMarket Participant Reserve Price Order Book English Auction Trace Specification
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