Chapter 6 Terms
yankee auctions
English auctions- offer multiple units of an item for sale, buyer can pick quantity to buy
private valuations
amount a bidder is willing to pay for an item
minimum bid increment
amount by which one bid must exceed the previous bid
Apps
application software that can run on mobile phones
open auction
auction where bidders publically announce their successive higher bids until no higher bid is forthcoming
Ascending-price auction
auction where bidders publicly announce their successive higher bids until no higher bid is forthcoming. (English auction, open auction, open-outcry auction)
first-price sealed-bid auction
auction where bidders submit their bids independently and are usually prohibited from sharing information with each other- the highest bidder wins
lock-in effect
basic economic fact where existing auction sites (eBay) are inherently more valuable to customers than new ones
proxy bid
bid that automatically increases to the next highest increment needed to exceed any bid
English auction
bidders publicaly announce their successive higher bids until no higher bid is forthcoming
sealed-bid auction
bidders submit their bids independently and are usually prohibited from sharing information with one another
double auction
buyers and sellers each submit combine price-quantity bids to an auctioneer. Auctioneer mtache sthe sellers' offers to the buyers' offers
bulletin board system (BBSs)
computers that allowed users to connect using dial-up connections through telephone lines to read and post messages in a common discussion forum that resembled an electronic version of a physical bulletin board
mobile commerce m-commerce
confluence of technologies made doing business online using mobile devices
monetizing
conversion of existing regular site visitors seeking free information or services into fee-paying subscribers or purchasers of services
location aware services
customized advertising or other services transmitted by web sites to mobile devices based on the device's transmitted locations
virtual learning network
distance-learning platforms such as Blackboard for student-teacher interaction
consumer-to-business
electronic commerce that occurs in general consumer auctions
liquidation brokers
firms that finds buyers for unusable and excess invenotory
dutch auctoin
form of open auction, bidding starts at a high price and drops until a bidder accepts the rate (descending price)
wireless application pool (WAP)
formats HTML-based sites to be viewed/displayed on small screens like phones
online community
gathering place for people and businesses that does not have a physical existence
virtual community
gathering place for people and businesses that does not have a physical existence
web community
gathering place for people and businesses that does not have a physical existence
escrow service
indpendent party that holds a buyer's payment until the buyer receives the purchased item and is satisfied with it
social networking
intra-community interaction among members of a virtual community
reward-based crowdfunding
investors pay in advance for products/services to be delivered when the company makes them using invested funds
microlending
lending very small amounts of money to people who are starting or operating small business practices
auctioneer
manages the auction process
usenet newsgroups
message posting areas on Usenet computers in which interested persons can discuss specific topic areas
reserve price
minimum acceptable price by sellers
reserve
minimum accepted price established by sellers
mobile wallets
mobile phones that function credit cards (Apple Pay)
rooting
modifying Android operating systems
jailbreaking
modifying an iOS operating system (Apple)
reverse auction
multiple sellers submit price bids to an auctioneer who represents a single buyer
seller-bid auction
multiple sellers submit price bids to an auctioneer who represents a single buyer
sniping software
observes auction progress until the last second or two of the auction clock
massive open online course (MOOC_
online course offered at no cost and can attract hundreds of thousands of students
descending price auction
open auction Bidding starts at a high
shill bidder
people employed by the seller or the auctioneer who can make bids on behalf of the seller
Idea-based social networking
people participating in idea-based social media
phablet
phone tablet
bidders
potential buyers
minimum bid
price at which the auction begins
bids
prices a bidder is willing to pay for the item
winner's curse
psychological phenomenon where bidders risk being caught up in the competition of bidding and therefore bid higher
open-outcry auction
same as English auction
Group shopping site
same as group purchasing site
tweets
short messages sent from one twitter user to another
reverse bid
site routes the visitor's request to a group of participating merchants who reply to the visitor by e-mail with offers to supply the item at a particular price
group purchasing site
site where the seller posts an item with a tentative price. As individual buyers enter bids on the item, the site operators negotiate with the seller to obtain a lower price. The posted price decreases as the number of bids increases only if the number of bids increases.
meetups
sites that allow people to discuss issues, plan strategies, and arrange in-person meetings
tablet devices
smaller than a laptop yet larger than a smartphone
crowdfunding
social networking sites that provide funds for a business idea or entrepreneurs who can sell partial ownership in their ventures to investors
open source software
software developed by a community of programmers who make the software available for download at no cost
Vickrey auctions
synonymous with second-price sealed-bid auctions
snipe
the act of placing a winning bid at the last second
social shopping
the practice of bringing buyers and sellers together in a social network to facilitate retail sales
second-price sealed-bid auction
the same as first-price sealed bid auction, except the highest bidder is awarded the item at the price bid by the second-highest bidder
participatory journalism
trend towards having readers help write their own news
texting
using SMS
social networking site
websites that facilitate interactions among members of a virtual community
open-outcry double auction
Conducted by the Chicago Board Options Exchange. Buy and Sell offers are shouted by traders standing in a small area on a trading pit
microblogs
Sites like Twitter with very informal blog-style entries limited to character limit (140)
Auction consignment services
Take an item and create an online auction that item, handle the transaction, and remit the balance of proceeds after deducting a fee that ranges from 25-50%
Idea-based social media
abstract communities based on the connections between ideas
short messaging service SMS
allows mobile phone users to send short text messages to each other