SJSU CMPE 236 - Online Auction (26 pages)

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Online Auction



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Online Auction

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Pages:
26
School:
San Jose State University
Course:
Cmpe 236 - Mobile Web Application Systems
Mobile Web Application Systems Documents
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Online Auction Instructor Jerry Gao Ph D San Jose State University email jerrygao email sjsu edu URL http www engr sjsu edu gaojerry May 2000 Topic Online Auction Outline Introduction of Online Auction Types of Auction Models Traditional Auctions Versus Electronic Auctions Auction Process Auction Requirements Online Auction Auction Protocols Agent Based Auction Systems Problems and Issues Jerry Gao Ph D 5 20000 All Rights Reserved Topic Online Auction Introduction to Online Auction According to the Webster Universal College dictionary Auction also called public sale is a publicly held sale at which property or goods are sold to the highest bidder McAfee and McMillan 1987 states that an auction is a market institution with an explicit set of rules determining resource allocation and prices on the basis of bids from the market participants The earliest web based auctions Onsale appear in May 1995 eBay opened in September 1995 Jerry Gao Ph D 5 2000 Topic Online Auction Types of Auction Models Multiple bids multiple offers Forms of bids private public single multiple Occurrence of trans Closed Auction ascending English Auction Jerry Gao Ph D 5 2000 yes Sequence rule Double Auction no sequence periodic continuous Ordering mechanism order book descending Dutch Auction clock Japanese Auction Call Auction Continuous Auction Double English Auction Double Dutch Auction English Dutch Auction Topic Online Auction Types of Auction Models English Auction Bidders Winner Example continuous ascending auction Open Cry First Price auctions see high bid and possibly high other bidders bids and comments and update their bids during the auction the highest bidder and pays the price bid Onsale First Price Sealed Bid Auction Bidders email in secret buds for item bids are opened simultaneously no chance to update the submitted bids Winner the highest bidder is the winner Example The Chicago Wine Company Timeshare Resale International Dutch Auction continuous descending auction Auctioneer begins at a high price and incrementally lowers it until some bidder signals acceptance to but at the current price Bidders see current price and make a bid or wait until it drops Winner the first bidder at the current price Example Bookbid Klik Klok Dep Store Jerry Gao Ph D 5 2000 Topic Online Auction Types of Auction Models Continuous Double Auction similar to NASDAQ buyers sellers continuously view market and prices make real time offers which clear at market price Example Auction Depot Sealed Double Auction buyers sellers simultaneously submit secret sealed offers to buy and sell Auctioneer opens offers and clears market The auction repeats several times to give a continuous market price Example Fastparts Vickrey Auction Bidders Winner Example Jerry Gao Ph D 5 2000 similar to first price sealed bid auction email in secret buds for item bids are opened simultaneously no chance to update the submitted bids the highest bidder is the winner The winner only pays amount of second highest bid Antebellum Covers Topic Online Auction Types of Auction Models Reverse Auction Sellers Example buyers and sellers together to set a mutually agreeable price the seller bids the price down for the buyer Travelbids com Fastparts com Reserve Price Auction Bidders Winner Example continuous descending auction see current price and make a bid or wait until it drops the first bidder at the current price Bookbid Klik Klok Dep Store Jerry Gao Ph D 5 2000 Topic Online Auction Traditional Auctions Versus Electronic Auctions Auction Attributes Traditional Auctions Electronic Auctions Auction Schedule fixed schedule available 24 7 365 Auction Location Auction Process Auction Transaction Supporting Auctioneers Buyers sellers Auction items Item evaluation Auction overhead Decision time Item checking Auction rules auction site or room manually controlled manual people people people limited no experts higher very limited physically checking fixed auction web site on the Internet systematic controlled automatic and systematic people network and Internet support auction systems people software agent Large selection no experts lower unlimited no physically inspection configurable and changable Jerry Gao Ph D 5 2000 Topic Online Auction Traditional Auctions vs Online Auctions Major disadvantages of traditional auctions Limited variety and breadth of goods Buyers are limited to searching through multiple auctions or traveling to numerous geographically dispersed areas for auctions Inefficient transactions and high transaction cost Fixed schedules locations rules and auction types Low risk Major advantages of online auctions Broader variety of goods and large number of buyers and sellers Low cost of transactions Automatic and efficient transactions Flexible convenient and easy access and participate auctions Direct communications between buyers and sellers High risk and inefficient item inspection Jerry Gao Ph D 5 2000 Topic Online Auction Online Auction Process An online auction process involves an auctioneer bidder and seller An online auction process consists of a bidding process a selling process the auction rules transaction processing auction protocols auction algorithms auction servers supports different types of auctions and features Jerry Gao Ph D 5 2000 Topic Online Auction Requirements of Online Auction Security Ensure to provide secured transactions Provide secured solutions to protect the online system from active attacks by an intruder any unpredictable termination of transactions corruption of data on the network Privacy Make sure that all information related to buyers and sellers bids and offers are protected to be exposed to other parties external public Anonymity Make sure that the system should be designed in a way that nobody should recognize the true identity of the customer unless it is desirable Atomicity The auction transactions should be conducted in a way that either it come to a completion or terminate without any incomplete transaction Low cost the cost of come transaction should be kept as minimal as possible Insurance performance and scalablility Jerry Gao Ph D 5 2000 Topic Online Auction Online Auction Components Auction Items Auction Items Sellers Buyers Online Auction System Auctioneers Jerry Gao Ph D 5 2000 Topic Online Auction Classifications of Online Auctions Online auctions on the Internet can be classified into three classes Consumer to Consumer C2C Ebay YahooAuction Business to Consumer B2C PriceLine Ubid Business to


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