The emerging role of electronic marketplaces on the Internet

Abstract

Functions of a MarketMarkets (electronic or otherwise) have three main functions, summarized in Table 1: matching buyers and sellers; facilitating the exchange of information, goods, services and payments associated with market transactions; and providing an institutional infrastructure, such as a legal and regulatory framework, that enables the efficient functioning of the market.In a modern economy, the first two functions are provided by intermediaries, while the institutional infrastructure is typically the province of governments.Internet-based electronic marketplaces leverage information technology to perform these functions with increased effectiveness and reduced transaction costs, resulting in more efficient, "friction-free" markets. Matching Buyers and Sellers.Markets "clear" by matching demand and supply.This process of matching buyers' demand with sellers' product offerings has three main components: determining

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