Frictionless Commerce? A Comparison of Internet and Conventional Retailers
Management Science
Proceedings of the first international joint conference on Autonomous agents and multiagent systems: part 3
Autonomous Agents and Multi-Agent Systems
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Shopbots and Internet sites that help users locate the best price for a product are changing the way people shop by providing valuable information on goods and services. This paper presents a first attempt to measure the value of one piece of information: the price charged for goods and services. We first establish a theoretical limit to the value of price information for the first seller in a market that decides to sell price information to a shopbot and quantify the revenues that the seller can expect to receive. We then proceed to discuss whether and how much of this theoretical value can actually be realized in equilibrium settings.