siliconindia | | NOVEMBER 20229for online auctions was defined. It evolved and enhanced during the following session. In the following, the most important of these features have been described. Also, other technical issues of interest, such as commutable, ease of consumption, security, performance, robustness, and compatibility with existing systems.· The usability of electronic resources invites the person who bids throughout the globe to participate in the auction conducted on websites and provides a result for more complex challenges, depending on the situation, and more specific auction formats. Long-term auctions might be lucrative for four weeks, throughout which the bidders repeatedly review the current bidding situation. But it appears that such auctions are of interest mainly during the closing phase. Short-term auctions concentrate on the last few hours immediately. They may even be as short as thirty minutes, provided that the participants are invited beforehand. · Moreover, auction formats, for example, multi-round biddings, have been defined. In multi-round bidding, every bidder is forced to submit exactly one bid in every round. Every bidder is informed of their competitor's bids only after the round has ended, and the next round begins. Multi-phase auctions are quite equal; After every phase, only a subset of the previous bidders is admitted to proceed to the next phase. · Recently, experience has been gained in conducting multi-dimensional auctions. Here, the price is left open and negotiated through the auction, and several other variables are determined, as well. For example, the price may be combined from the supplier and the logistics entrepreneur. · In running Internet auctions, it became increasingly known that the auctioneer must be independent to ensure both supplier and buyer have enough confidence in the fairness of the auction process. The experiences with other marketplaces have shown, in an apparent way, which an BUSINESSES ARE ADAPTING TRADITIONAL AUCTIONS TO THE INSTANTANEOUS `REAL-TIME' ADVANTAGE OF THE NET TO REACH NEW MARKETS THAT WERE PREVIOUSLY COST-PROHIBITIVE THROUGH THE REDUCTION OF TRANSACTION COSTS
< Page 8 | Page 10 >