Framework for Specifying, Building, and Operating Electronic Markets

Abstract

Abstract:Abstract:The marketplace, as it has evolved historically, is an institution that allows customers and suppliers to meet at a certain place and a certain time in order to announce buying or selling intentions which may eventually match and be settled. The evolution of communication technologies has weakened time and space restrictions. Electronic markets represent the next step in the evolution of the marketplace. They are emerging in different fields, supporting the exchange of goods and services of different types, with different types of actors, and following different architectural principles. This paper provides a framework for the modeling of specific telematics-supported market platforms for the coordination of the exchange processes among market participants.Key Words and Phrases: Electronic commerceelectronic marketsmarket architecturesmarket servicesreference model