Overview:
Allowing firms and consumers to interact in markets can facilitate an equilibrium price that balances the willingness to sell by firms with the willingness to purchase by consumers.eBay is an example of an online platform that brings consumers (i.e. buyers) and producers (i.e sellers) together to exchange goods.A common method of exchange is for a producer to sell an item using a classic English auction, where the highest bid by a buyer at the expiration of the auction wins.This winning buyer pays the winning bid amount in exchange for the item, which upon receipt of payment the seller ships.Some features of the platform exist in an attempt to better facilitate the basic functioning of the EBay platform.This includes a user ranking system, where feedback can be provided and buyers and sellers are ranked and a system of buyer protections in an effort to ensure authentic items are sold.
The seller can set the initial bid price to an auction or consider more complicated formats, such as setting the initial bid price but also setting a reserve price, which initially is only known to the seller and the item will only be sold if the winning bid exceeds the reserve price. Additionally, the seller sets the shipping cost amount and pays a percentage of the winning bid to EBay. The potential buyers can bid periodically throughout the auction up to just before the end of the auction or can submit a maximum bid amount, which can be updated throughout the auction up to just before the expiration of allotted time. Finally, Hasker et al. (2010) offers a detailed review of EBay with a summary on recent research.
Reference:
Hasker, K. and R. Sickles. (2010). eBay in the Economic Literature: Analysis of an Auction Marketplace. Review of Industrial Organization, 37(1):3-42.
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