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Domain Models of “The Market”

In Preparation for ε-Transaction Systems

  • Chapter
Practical Foundations of Business System Specifications

Abstract

By an ε-Transaction System we shall understand a computer & communications--based system which support, and, in parts automates exchanges of contractual, action-invoking local state-changing messages (ie., transactions) between a wide variety of actors (traders). By “The Market” we shall first understand a structure of consumers, retailers, wholesalers and producers — ie., the traders. Later we shall extend our notion of “The Market”.

We present informal English language descriptions (narratives) and formal models of a “Market” concept. What generally characterise traders are the kind of interactions they engage in: Issuing inquiries and offering quotations, placing and accepting orders, effecting and accepting deliveries, posting and paying invoices, etc. Traders dynamically form ‘supply chains’. Any trader may, potentially, over different interactions, act any one of the trader rôles listed earlier. We then “lift” the market to include agents (acting on behalf of any one of the traders listed earlier), and brokers (acting on behalf of ‘sequences’ of two or more “adjacent” traders while basically engaging in the kind of transactions enumerated above). (We stress that the notion of ‘agents’ used here is not the same notion as it is currently en vogue in the AI community. But, as we point out in a concluding section, Section 5.2, the two relates.) We finish by first making some remarks on the use of the model presented as a basis for requirements development. Then we “lift” the notion of traders to not just representing pairs of buyers and sellers in a conventional supply chain of merchandise, but any pairs of (institutional) Government to G (G2G), G to (private or public) Business, G to (individual, human) Citizen, B2G, B2B, B2C, C2G, C2B,and C2C transaction possibilities.

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Author information

Authors and Affiliations

  1. Informatics & Mathematical Modeling, Technical University of Denmark, DK-2800, Kgs.Lyngby, Denmark

    Dines Bjørner

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  1. Dines Bjørner
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Editor information

Editors and Affiliations

  1. Millington, NJ, USA

    Haim Kilov (Independent consultant, Affiliate Professor) (Independent consultant, Affiliate Professor)

  2. Stevens Institute of Technology, Hoboken, NJ, USA

    Haim Kilov (Independent consultant, Affiliate Professor) (Independent consultant, Affiliate Professor)

  3. College of Computer Science, Northeastern University, Boston, MA, USA

    Kenneth Baclawski (Associate Professor) (Associate Professor)

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© 2003 Springer Science+Business Media Dordrecht

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Bjørner, D. (2003). Domain Models of “The Market”. In: Kilov, H., Baclawski, K. (eds) Practical Foundations of Business System Specifications. Springer, Dordrecht. https://doi.org/10.1007/978-94-017-2740-2_7

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  • DOI: https://doi.org/10.1007/978-94-017-2740-2_7

  • Publisher Name: Springer, Dordrecht

  • Print ISBN: 978-90-481-6367-0

  • Online ISBN: 978-94-017-2740-2

  • eBook Packages: Springer Book Archive

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