We construct an agent-based model of the online electronics market, consisting of 10,000 buyers and 50 sellers. Buyers repeatedly interact with sellers, searching for high quality and low price, but only some buyers know seller quality prior to purchase. Buyers may learn seller quality directly or from information obtained from other buyers or else estimate quality through market share heuristi...

We present the problem of automatic co-niching in which potential suppliers of some product or service need to determine which offers to make to the marketplace at the same time as potential buyers need to determine which offers (if any) to purchase. Because both groups typically face incomplete or uncertain information needed for these decisions, participants in repeated market interactions en...

PhotonicsViewsVolume 18, Issue 1 p. 85-87 Buyers' GuideFree Access Guide First published: 22 February 2021 https://doi.org/10.1002/phvs.202170115AboutPDF ToolsExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text full-text accessPlease review our Terms and Conditions of Use check box below share version article.I have read accept the Wiley Online Library UseShareab...

The ability to reason with equations is important in many computer science applications, including algebraic specifications, highlevel programming languages, and automated deduction. Reasoning about equations may, for example, involve deciding if an equation "'follows" as a consequence of a given set of equations, or if an equation is "true" in a given model, or what values of the variables sat...

Payments in kind pose an enduring and empirically important puzzle. The paper provides a formalization of the popular view that payments in kind are due to financial constraints. The key assumption is that buyers’ liquidity is private information. Buyers who are financially constrained may prove their hardship by making part of the payment in kind. The paper models explicitly the credit market ...

Three experiments investigated the relations between buyers’ wealth or ability to pay (ATP) and sellers’ first offers. Study 1 demonstrated a positive correlation between sellers’ first offers and their perceptions of the buyer’s ATP as well as its real economic power (indicated by the company’s market value). In Study 2, sellers in a field experiment made higher offers to potential buyers of h...

This study examines a crucial aspect of the reputation mechanism design in electronic markets – the ability of buyers and sellers to revoke or mutually withdraw negative feedback and ratings. We find that the two-way reputation system – where both buyers as well as sellers could provide mutual feedback enabled certain sellers to behave opportunistically by getting buyers to revoke their negativ...

We consider a setting where n buyers, with combinatorial preferences over m items, and a seller, running a priority-based allocation mechanism, repeatedly interact. Our goal, from observing limited information about the results of these interactions, is to reconstruct both the preferences of the buyers and the mechanism of the seller. More specifically, we consider an online setting where at ea...

Two-sided exchange networks (such as eBay) often advertise their number of users, presumably to encourage further participation. However, these networks differ markedly on how they advertise their user base. Some highlight the number of sellers, some emphasize the number of buyers, and others disclose both. We use field experiment data from a business-to-business web site to examine the efficac...