Private electronic market
E-commerce |
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Digital content |
Retail goods and services |
Online shopping |
Mobile commerce |
Customer service |
E-procurement |
Purchase-to-pay |
Super-apps |
Part of a series on |
Auctions |
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Types |
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Bidding |
Contexts |
Theory |
Online |
A private electronic market (PEM) uses the
Practical examples
VicForests, a government-owned agency in Australia, conducts bidding for native timber supply via a website called Forest Auctions. Saw Mills may submit bids specifying various conditions, including quantity, species of timber, and payment terms. Compared to the traditional sealed bid tender approach, the use of this private market reportedly resulted in a substantial revenue increase for VicForests.[citation needed]
Swiss
Relevance
The overall effect of a well designed Private Electronic Market is what is described as allocative efficiency or in simple terms: a win-win for the seller (who maximizes revenue) and buyers (acquiring exactly what is of highest value to them). PEMs are based on game theory and combinatorial auction theory.
See also
References
- ^ Arnott, Sarah (2011-08-08). "Small Talk: The engineers who are building human tissue - Sharewatch - Business". The Independent. Retrieved 2012-01-19.
- ^ "Swiss Tech Firm Extends Platform To Europe". Institutional Investor. November 15, 2011. Retrieved April 18, 2021.
Bibliography
- Factors influencing suppliers’ participation in private electronic markets, Sang M. Lee (Department of Management, University of Nebraska-Lincoln, 209 CBA, Lincoln, NE 68588–0491, USA) & Seong-bae Lim (Jones School of Business, SUNY-Geneseo, 103 South Hall, 1 College Circle, Geneseo, NY 14454, USA)
- Transaction automation on the internet: open electronic markets, private electronic markets and supply network solutions, Matteo Di Biagi in International Journal of Electronic Business (IJEB), Vol. 2, No. 6, 2004