| Trends in Electronic Markets (2008) | |||||||||||||||
Abstract | |||||||||||||||
| Markets are seen as transaction and communication media that permit autonomous agents operating within an economy based on division of labor to communicate product designs, and to negotiate and transact related exchanges. Based on a transaction phase model, the paper demonstrates the existence of links between the many and varied forms of market organization and the services available for each transaction phase. Besides, a framework model will be presented, which will serve to describe markets with this condition in mind. Further along, the relative importance of product design will be discussed, and it will be demonstrated that designing requires twin-track implementation. Following these universal considerations, electronic markets will be discussed specifically. Information and communication technology (ICT) facilitates providing new services to assist market transactions as well as new media to assist communication among market partners. This, in turn, facilitates and calls for new organizational designs. Foreseeable new market infrastructures will be described, as well as the shift in emphasis towards communication. Lastly, the framework model will be used once again to develop the design of the new electronic markets. | |||||||||||||||
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