Despite the recent misfortunes of many dotcoms, e-commerce will
have major and lasting effects on economic activity. But the rise
and fall in the valuations of the first wave of e-commerce
companies show that vague promises of distant profits are
insufficient. Only business models based on sound economic
propositions will survive. This book provides professionals,
investors, and MBA students the tools they need to evaluate the
wide range of actual and potential e-commerce businesses at the
microeconomic level. It demonstrates how these tools can be used to
assess a variety of existing applications.
Advances in web-based technology--particularly automation and
delegation technologies such as smart agents, shopping bots, and
bidding elves--support the further growth of e-commerce. In
addition to enabling consumers to conduct automated comparisons and
sellers to access visitors' background information in real time,
such software programs can make decisions for individuals,
negotiate with other programs, and participate in online markets.
Much of e-commerce's economic value arises from this kind of
automation, which not only reduces operating costs but adds value
by generating new market interactions.
This text teaches how to analyze the added value of such
applications, considering consumer behavior, pricing strategies,
incentives, and other critical factors. It discusses added value in
several e-commerce arenas: online shopping, business-to-business
e-commerce, application design, online negotiation (one-to-one
trading), online auctions (one-to-many trading), and many-to-many
electronic exchanges. Combining insights from several years of
microeconomic research as well as from game theory and computer
science, it stresses the importance of economic engineering in
application design as well as the need for business models to take
into account the "total game."
As the only serious treatment of the microeconomics of
e-commerce, this book should be read by anyone seeking e-commerce
solutions or planning to work in the field.
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