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首页> 外文期刊>Electronic Markets >Analyzing the impact of intermediaries in electronic markets: an empirical investigation of online consumer-to-consumer (C2C) auctions
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Analyzing the impact of intermediaries in electronic markets: an empirical investigation of online consumer-to-consumer (C2C) auctions

机译：分析中介机构在电子市场中的影响：在线消费者对消费者（C2C）拍卖的实证研究

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摘要

It has been widely believed that the Internet and electronic markets will eliminate traditional intermediaries. However, a close examination of the market mechanism indicates that the impact of intermediaries is indispensable. Specifically, we consider intermediaries' impacts in price discovery and trust building. Intermediaries provide a buffer for temporary misalignment between supply and demand by buying low and selling high, and also help build trust by engaging in transactions with risk-averse buyers and sellers who otherwise will not participate in the market. Using a dataset from eBay's online auctions, we examine empirically these two impacts of human intermediaries. We find that the presence of brokers has a significant impact on market liquidity, resulting in more successful trades and higher auction prices. In addition, we find that brokers are more likely to engage in transactions with less established sellers. Their presence reduces reputation penalty faced by these players and further facilitates the successful sale of items in auctions.
机译：人们普遍认为，互联网和电子市场将淘汰传统的中介机构。但是，仔细研究市场机制表明，中介的影响是必不可少的。具体来说，我们考虑了中介机构在价格发现和建立信任方面的影响。中介机构通过低买高卖来缓冲供需之间的暂时错位，并通过与规避风险的买卖双方进行交易来帮助建立信任，否则他们将不参与市场。使用eBay在线拍卖中的数据集，我们从经验上考察了人类中介机构的这两种影响。我们发现经纪人的存在对市场流动性有重大影响，从而导致更成功的交易和更高的拍卖价格。此外，我们发现经纪人更有可能与知名度较低的卖家进行交易。他们的存在减少了这些参与者面临的声誉损失，并进一步促进了拍卖品的成功销售。

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