I. INTRODUCITON
Auctions are as modern as today's technology, yet as old as mankind. The Internet, however, has expanded the scope and reach of this market mechanism beyond the wildest dreams of its traditional purveyors. Unlike traditional auctions that were limited in scope, online auctions have brought this mechanism to the masses, providing them with an all-encompassing selection of goods they can buy or sell.
In recent years we have seen the emergence of electronic marketplace that leverages information technology to create more efficient markets. The Internet has dramatically changed how people see and buy goods. Millions of globally dispersed consumers now engage in competitive exchange via bidding and can set prices that reflect real-time supply and demand as efficiently as any trading floor. The physical limitations of traditional auctions such as geography, presence, time, space, and a small target population virtually disappear in online settings. The Internet provides......
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Approximate Word Count: 4195
Approximate Pages: 17 (260 words per double-spaced page) |