Online Auction Markets, Reputation Effects, and Institutional Frameworks – A Literature Review and Conceptual Development
Auctions are one of the oldest economic forms to determine transaction prices and can be described as “… a market institution with an explicit set of rules determining resource allocation and prices on the basis of bids from the market participants.” In the last fifteen years, along with the development of the Internet and the world wide web, online auctions have become a key mechanism to coordinate economic activity in electronic commerce.
KeywordsInstitutional Framework Uncertainty Avoidance Reputation System Auction Price Online Auction
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