On Comparison of Mechanisms of Economic and Social Exchanges: The Times Model
- Cite this paper as:
- Kersten G.E., Chen E., Neumann D., Vahidov R., Weinhardt C. (2008) On Comparison of Mechanisms of Economic and Social Exchanges: The Times Model. In: Gimpel H., Jennings N.R., Kersten G.E., Ockenfels A., Weinhardt C. (eds) Negotiation, Auctions, and Market Engineering. Lecture Notes in Business Information Processing, vol 2. Springer, Berlin, Heidelberg
An e-market system is a concrete implementation of a market institution; it embeds one or more exchange mechanisms. E-market systems are also information systems which are information and communication technologies artifacts. This work puts forward an argument that the study of e-markets must incorporate both the behavioral economics as well as the information systems perspectives. To this end the paper proposes a conceptual framework that integrates the two. This framework is used to formulate a model, which incorporates the essential features of exchange mechanisms, as well as their implementations as is artefacts. The focus of attention is on two classes of mechanisms, namely auctions and negotiations. They both may serve the same purpose and their various types have been embedded in many e-market systems.
KeywordsDesign research E-markets Information systems Auctions Negotiations Experiments System comparison Mechanism comparison
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