Online auction

An online auction (or also electronic auction or e-auction or eAuction) is an auction which is held over the internet.[1][2][3] Like auctions in general, online auctions come in a variety of types like ascending English auctions, descending Dutch auctions, first-price sealed-bid, Vickrey auctions and others, which are sometimes not mutually exclusive.[4]

The scope and reach of these auctions have been propelled by the Internet to a level beyond what the initial purveyors had anticipated.[5] This is mainly because online auctions break down and remove the physical limitations of traditional auctions such as geography, presence, time, space, and a small target audience.[5] This influx in reachability has also made it easier to commit unlawful actions within an auction.[6] In 2002, online auctions were projected to account for 30% of all online e-commerce due to the rapid expansion of the popularity of the form of electronic commerce.[7] Online auctions include business to business (B2B), business to consumer (B2C), and consumer to consumer (C2C) auctions.[8]

The largest online auction site is eBay, which was the first to support person-to-person transactions.

  1. ^ Kleusberg, Peter (2009). E-Collaboration und E-Reverse Auctions. Saarbrücken. pp. 16–25.
  2. ^ Engelbrecht-Wiggans, Peter (2006). E-Sourcing in Procurement. Management Science. p. 581.
  3. ^ Wyld, David C. (2012). REVERSE AUCTIONS 101. Louisiana: Southeastern Louisiana University.
  4. ^ Friedrich, Michael; Ignatov, Dmitry (2019). "General Game Playing B-to-B Price Negotiations" (PDF). CEUR Workshop Proceedings. 2479: 89–99.
  5. ^ a b Bapna, R.; Goes, P.; Gupta, A. (2001). "Insights and analyses of online auctions". Communications of the ACM. 44 (11): 42. CiteSeerX 10.1.1.22.1515. doi:10.1145/384150.384160. S2CID 57631.
  6. ^ Albert, M. R. (2002). "E-Buyer Beware: Why Online Auction Fraud Should Be Regulated". American Business Law Journal. 39 (4): 575–644. doi:10.1111/j.1744-1714.2002.tb00306.x. S2CID 153954084.
  7. ^ Vakrat, Y.; Seidmann, A. (2000). "Implications of the bidders' arrival process on the design of online auctions". Proceedings of the 33rd Annual Hawaii International Conference on System Sciences. p. 7. doi:10.1109/HICSS.2000.926822. ISBN 978-0-7695-0493-3. S2CID 12047679.
  8. ^ "What is an Online Auction? - Definition from Techopedia". Techopedia.com. Retrieved 14 April 2019.