Suggest two other business cases in which this method can be used to collect information.
Electronic market can be used to
(1) estimate the price of securites or a new product.
(2) forcast the profit of certain company.
What problems do you see besides the ones mentioned in the Background information section?
In my opinion, there are more problems with electronic market other than those discussed in the background information section.
First, the nature of business information is two-sided. An one-sided decision is much easier to grasp than is a decision in a two-sided reactive market. Participants can easily grasp the notion of themselves facing (alone) a sea of potential "customers", and trying to attract their interest. In such a scenario, the unknown market demand represents various states of nature, and participants readily grasp the usefulness of information about market demand. But the presence of competition radically alters the nature of the decision-making and the role of information. The problem becomes reactive and it becomes a problem of markets and equilibrium behavior. Therefore, the role of information would be much more complex.
In addition, these markets are implemented as Information Systems, i.e. the software is the market. The market behavior and the value of various kinds of information can be radically altered just by changing a software parameter. Market behaviors can turn upside down because of a "software" change, e.g. a change that eases the comparison of prices, or a change in an auction's time limit. Information systerm professionals, in collaboration with the owners of business and markets, are making design decisions with far-reaching industry implications.
What kind of information system do you need to design to support this method of collecting information? Provide a simple hardware/software configuration.
An electronic market information system or “EMIS” shall contain real-time access to information concerning the transfer capability of the transmission grid and the market clearing prices. It should also be able to target deadline for reply. All market participants should have access to the EMIS on a nondiscriminatory basis. Here is a simple hardware/software configuration. (I have very limited information system knowledge background. Here I just try my best.)
Electronic market can be used to
(1) estimate the price of securites or a new product.
(2) forcast the profit of certain company.
What problems do you see besides the ones mentioned in the Background information section?
In my opinion, there are more problems with electronic market other than those discussed in the background information section.
First, the nature of business information is two-sided. An one-sided decision is much easier to grasp than is a decision in a two-sided reactive market. Participants can easily grasp the notion of themselves facing (alone) a sea of potential "customers", and trying to attract their interest. In such a scenario, the unknown market demand represents various states of nature, and participants readily grasp the usefulness of information about market demand. But the presence of competition radically alters the nature of the decision-making and the role of information. The problem becomes reactive and it becomes a problem of markets and equilibrium behavior. Therefore, the role of information would be much more complex.
In addition, these markets are implemented as Information Systems, i.e. the software is the market. The market behavior and the value of various kinds of information can be radically altered just by changing a software parameter. Market behaviors can turn upside down because of a "software" change, e.g. a change that eases the comparison of prices, or a change in an auction's time limit. Information systerm professionals, in collaboration with the owners of business and markets, are making design decisions with far-reaching industry implications.
What kind of information system do you need to design to support this method of collecting information? Provide a simple hardware/software configuration.
An electronic market information system or “EMIS” shall contain real-time access to information concerning the transfer capability of the transmission grid and the market clearing prices. It should also be able to target deadline for reply. All market participants should have access to the EMIS on a nondiscriminatory basis. Here is a simple hardware/software configuration. (I have very limited information system knowledge background. Here I just try my best.)
1. The SQL Server. This is the database server where most data manipulations take place, and most business rules are enforced. There is normally only one of these.
2. The Client Software. This is the Graphic User Interface to specific electronic market. There are normally many of these.
3. The Application Server (or Reports Server). The Application Server generates reports and performs other resource intensive tasks. There are normally a few of these.
4. The Web Server (optional). The Web server is used to give access to managers and ordinators.
5. The TCP/IP Network connecting these parts.
2. The Client Software. This is the Graphic User Interface to specific electronic market. There are normally many of these.
3. The Application Server (or Reports Server). The Application Server generates reports and performs other resource intensive tasks. There are normally a few of these.
4. The Web Server (optional). The Web server is used to give access to managers and ordinators.
5. The TCP/IP Network connecting these parts.
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