外文翻译
标题：Buying, Bidding, Playing, or Competing?Value Asssment and Decision Dynamics in Online Auctions
原文：Although the Internet is a relatively recent phenomenon, long distance auctions by mail have existed for more than 100 years. Back in the 1870s, stamp dealers in the United States offered “mail-bidding” rvices for individuals who wished to bid on stamps without having to travel to the auction location. The bidders submitted their bids through mail, and the stamps were sold to the highest bidder at the price of one increment over the cond highest bid (referred to as cond price auctions). nighty night
Electronic auctions on the Internet have veral distinguishing characteristics, which explain their growing popularity. First, online auctions eliminate the geographical limitation of many traditional auctions, enabling people from all over the world to participate in any auction. Second, in terms of duration, Internet auctions can last for veral days (usually a week) and allow asynchronous bidding, which gives funny是什么意思英文both llers and bidders more flexibility.
Third, the web sites can run auctions at substantially lower operational costs than traditional auction hous and can thus charge lower commission fees and attract more llers and buyers. The characteristics of online auctions account for their growing popularity as a way to buy and ll goods and rvices.
编号英文Online auctions prent not only a new marketplace for transactions, but also a new domain for consumer decisionmaking. Of cour, some fundamental aspects of consumer 函授考试时间decision making, such as preference construction and the impact of the choice context (for a review, e Bettman, Luce, & Payne, 1998), are likely to apply to auctions as they do in regular purcha decisions. However, the unique characteristics of the online auction environment rai important new conceptual issues and are likely to impact consumer decision making in significant ways. In particular, there are at least three key characteristics of auction-bad purchas that are likely to influence consumer decision making.
1. Multi-stage process—Unlike fixed price purchas, auctions take place over time, for
ming a quence of dependent decisions. A consumer first decides whether to enter a particular auction, which is often followed by a ries of bidding decisions, leading to the final bidding decision determining the “winner” of the auction.
2. Value signals—The online auction environment provides different types of value cues that bidders can rely on.
3. Decision dynamics—The fact that multiple bidding decisions are made during the auction process suggests that earlier decisions can dynamically impact subquent decisions.
FRAMEWORK COMPONENTS: AUCTION PHASES, VALUE ASSESSMENT,
AND DECISION DYNAMICS
Auction Entry Decisions
The first decision a consumer needs to make is whether to enter surfan auction. For exam
ple, a consumer visiting web site on any particular day can choo from millions of ongoingxn auctions (5,782,213 on September 1, 2001), with many more auctions at other online auction sites. Thus, when visiting an online auction site, consumers need to decide whether they are interested in a particular item type, whether to enter a specific auction for that item, and whether to also enter other auctions for this product type. In the context of our framework, entry decisions involve value asssment and not decision dynamics, becau, by definition, the consumer has not made any previous decisions at the entry stage.
Bidding During the Auction
The middle pha of auctions spans from the time that a bidder places an initial bid until just before the end of the auction (which is discusd parately in the next ction). During this pha, a consumer needs to decide whether and how much to rai their bid, or whether to drop out. In the middleic是什么意思 stage of the auction consumers can update their value asssments 人教口语bad on others’ bids. While such updating is desirable for public valu
e goods, multiple bidding is also apparent in private value cond price auctions, when theoretically they should not occur (Ockenfels&Roth, 2001). Bad on the frequency of multiple bids we suggest that decision dynamics are likely to play a key role at this pha.
Bidding at the End of an Auction
The conclusion of an auction is often a distinct pha that derves special attention. Much like in a marathon, the end of an auction is where the “winner” and “lors” are determined. This is where each of the participants must decide what kind of resources they are willing to invest to win. Thus, the main differentiating characteristic of the end of an auction is that, unlike earlier phas, decisions at the end are clearly conquential and often irreversible.
With respect to the distinction between value asssment and decision dynamics, by the end of an auction, an active participant is likely to have examined all the value cues and formed an asssment of the item’s value, whereas decision dynamics are likely to play a critical role in the final bidding decisions. Accordingly, our focus at this stage is on
decision dynamics.
PRELIMINARY STUDIES OF VALUE ASSESSMENT IN ONLINE AUCTIONS
The previous discussion prented propositions regarding various influences on bidding behavior, which might be investigated in future rearch. In this ction we describe three studies that were conducted to examine aspects of value asssment in a natural auction environment on a commercial auction web site. The first study was a price comparison study that involved the comparison of prices in an online auction site to prices of regular online retailers. The cond study involved auctions for tickets to the Ro Bowl (PAC-10 vs. twitter是什么意思Big-10) football game and examined the effect of llers’ reputation and starting prices. The third study was a controlled experiment, examining the effects of starting prices and arch costs.
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