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An auction is usually a process of buying and selling goods or services by offering them up for bids,taking bids,and then selling the item to the highest bidder or buying the item from the lowest bidder. Some exceptions to this definition exist and are described in the section about different types. The branch of economic theory dealing with auction types and participants' behavior in auctions is called auction theory.
A Dutch auction is one of several similar types of auctions for buying or selling goods. Most commonly,it means an auction in which the auctioneer begins with a high asking price in the case of selling,and lowers it until some participant accepts the price,or it reaches a predetermined reserve price. This type of price auction is most commonly used for goods that are required to be sold quickly such as flowers,fresh produce,or tobacco. A Dutch auction has also been called a clock auction or open-outcry descending-price auction. This type of auction shows the advantage of speed since a sale never requires more than one bid. It is strategically similar to a first-price sealed-bid auction.
An online auction is an auction held over the internet and accessed by internet connected devices. Similar to in-person auctions,online auctions come in a variety of types,with different bidding and selling rules.
Wanda J. Orlikowski is a US-based organizational theorist and Information Systems researcher,and the Alfred P. Sloan Professor of Information Technologies and Organization Studies at the MIT Sloan School of Management,Massachusetts Institute of Technology.
In an auction,bid shading is the practice of a bidder placing a bid that is below what they believe a bid is worth.
Information Systems Research is a quarterly peer-reviewed academic journal that covers research in the areas of information systems and information technology,including cognitive psychology,economics,computer science,operations research,design science,organization theory and behavior,sociology,and strategic management. It is published by the Institute for Operations Research and the Management Sciences and was in 2007 ranked as one of the most prestigious journals in the information systems discipline. In 2008 it was selected as one of the top 20 professional/academic journals by Bloomberg Businessweek. The current editor-in-chief is Suprateek Sarker,who was preceded by Alok Gupta,Ritu Agarwal,Vallabh Sambamurthy,Chris F. Kemerer (2002–2004),Izak Benbasat (1999–2001),John Leslie King (1993–1998),and E. Burton Swanson (1990–1992). According to the Journal Citation Reports,the journal has a 2018 impact factor of 2.457. The journal is member of the Senior Scholar's 'Basket of Eight'.
A multiunit auction is an auction in which several homogeneous items are sold. The units can be sold each at the same price or at different prices.
A combinatorial auction is a type of smart market in which participants can place bids on combinations of discrete heterogeneous items,or “packages”,rather than individual items or continuous quantities. These packages can be also called lots and the whole auction a multi-lot auction. Combinatorial auctions are applicable when bidders have non-additive valuations on bundles of items,that is,they value combinations of items more or less than the sum of the valuations of individual elements of the combination.
A reverse auction is a type of auction in which the traditional roles of buyer and seller are reversed. Thus,there is one buyer and many potential sellers. In an ordinary auction also known as a forward auction,buyers compete to obtain goods or services by offering increasingly higher prices. In contrast,in a reverse auction,the sellers compete to obtain business from the buyer and prices will typically decrease as the sellers underbid each other.
Arun Sundararajan is the NEC Faculty Fellow,Professor of Technology,Operations,and Statistics and a Doctoral Coordinator at the Stern School of Business,New York University. For 2010–12,he is the Distinguished Academic Fellow at the Center for IT and the Networked Economy,Indian School of Business. Sundararajan is an expert on the economics of digital goods and network effects. He also conducts research about network science and the socioeconomic transformation of India.
Anindya Ghose is an Indian-born American academic,and the Heinz Riehl Chair Professor of Business at New York University's Stern School of Business and the director of the Masters of Business Analytics program at NYU Stern. He has been a Visiting Professor at the Wharton School of Business. He is the author of TAP:Unlocking The Mobile Economy which is a double winner in the 2018 Axiom Business Book Awards and has been translated into five languages. He is a Leonard Stern Faculty Scholar with an MBA scholarship named after him. He has been a Visiting Professor at the Wharton School of Business. In 2014 he was named by the blog Poets and Quants as one of the "Top 40 Professors Under 40 Worldwide" and by Analytics Week as one of the "Top 200 Thought Leaders in Big Data and Business Analytics". In 2017 he was recognized by Thinkers50 as one of the Top 30 Management Thinkers globally most likely to shape the future of how organizations are managed and led in the next generation. Thinkers50 also bestowed the Distinguished Achievement Award Nomination for 'Digital Thinking' in 2017. In 2019,he was recognized by Web of Science citation Index in the top 1% of researchers selected for their significant influence in their fields over a 10-year period (2008-2018). He is a recipient of the prestigious INFORMS ISS Distinguished Fellow Award,given to recognize individuals who (i) have made outstanding intellectual contributions to the discipline with publications that have made a significant impact on theory,research,and practice and (ii) intellectual stewardship of the field as reflected in the mentoring of doctoral students and young researchers. His rise from assistant to full professor in 8.5 years at NYU Stern is widely regarded as one of the fastest in the history of the entire Information Systems,operations and Marketing academic disciplines in business schools globally.
John Leslie King is a W.W. Bishop Professor at the University of Michigan School of Information. His main works deal with computerization in the public sector and municipalities,as well as other organizations. He has also worked on privacy issues and some of the primary computerization projects such as project SAGE. He is the author of Information systems:the state of the field,published by Wiley in 2006,which,according to WorldCat,is held in 126 libraries. He is a former editor-in-chief of Information Systems Research.
Maqbool Dada is a professor at Carey Business School,Johns Hopkins University,with expertise in the areas of operations management,healthcare,and marketing. He is also a core faculty member at the Johns Hopkins School of Medicine’s Armstrong Institute for Patient Safety and Quality.
The economics of digitization is the field of economics that studies how digitization,digitalisation and digital transformation affects markets and how digital data can be used to study economics. Digitization is the process by which technology lowers the costs of storing,sharing,and analyzing data. This has changed how consumers behave,how industrial activity is organized,and how governments operate. The economics of digitization exists as a distinct field of economics for two reasons. First,new economic models are needed because many traditional assumptions about information no longer hold in a digitized world. Second,the new types of data generated by digitization require new methods for their analysis.
Maria Gini is an Italian and American Computer Scientist in artificial intelligence and robotics. She has considerable service to the computer science artificial intelligence community and for broadening participation in computing. She was Chair of the ACM Special Interest Group in Artificial Intelligence SIGAI from 2003 to 2010. She is currently a member of the CRA-W board.
A user review is a review conducted by any person who has access to the internet and publishes their experience to a review site or social media platform following product testing or the evaluation of a service. User reviews are commonly provided by consumers who volunteer to write the review,rather than professionals who are paid to evaluate the product or service. User reviews might be compared to professional nonprofit reviews from a consumer organization,or to promotional reviews from an advertiser or company marketing a product. Growth of social media platforms has enabled the facilitation of interaction between consumers after a review has been placed on online communities such as blogs,internet forums or other popular platforms.
Wolfgang Ketter is Chaired Professor of Information Systems for a Sustainable Society at the University of Cologne. and a prominent scientist in the application of artificial intelligence,machine learning and intelligent agents in the design of smart markets,including demand response mechanisms and in particular automated auctions. He is a co-founder of the open energy system platform Power TAC,an automated retail electricity trading platform that simulates the performance of retail markets in an increasingly prosumer- and renewable-energy-influenced electricity landscape.
William Richard King,the thirty-sixth President of The Institute of Management Sciences (TIMS),is a retired American university professor who studied and researched management science and information systems at the University of Pittsburgh in Pennsylvania. He was the Founding President of the Association for Information Systems,co-founder of the International Conference on Information Systems,and the founder of the America's Conference on Information Systems. He has an h-index of 77 when including all of the fields in which he has published according to Google Scholar.
Ann Majchrzak is an American academic. She is a Professor of Digital Innovation in the Department of Data Sciences and Operations within the USC Marshall School of Business. Majchrzak holds the USC Associates Chair in Business Administration.
Ravi Bapna is an Indian-born American data scientist,digital transformationalist,business academic,executive educator and speaker. He is the Curtis L. Carlson Chair in Business Analytics and Information Systems,the Associate Dean for Executive Education and the Academic Director of the Carlson Analytics Lab and the Analytics for Good Institute at the University of Minnesota’s Carlson School of Management.
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- ↑ Bapna, Ravi; Goes, Paulo; Gupta, Alok; Karuga, Gilbert (August 20, 2008). "Predicting Bidders' Willingness to Pay in Online Multiunit Ascending Auctions: Analytical and Empirical Insights". INFORMS Journal on Computing. 20 (3): 345–355. doi:10.1287/ijoc.1070.0247 – via CrossRef.
- ↑ "A Data-Driven Exploration of Bidder Strategies in Continuous Combinatorial Auctions".
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- ↑ "The Design Science Award – INFORMS".
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