A Multi-Attribute Negotiation Support System with Market Signaling for Electronic Markets

Tung Bui (), Jerome Yen (), Jiuru Hu () and Siva Sankaran ()
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Tung Bui: University of Hawaii at Manoa
Jerome Yen: Chinese University of Hong Kong
Jiuru Hu: Digital Insight
Siva Sankaran: California State University

Group Decision and Negotiation, 2001, vol. 10, issue 6, No 4, 515-537

Abstract: Abstract Despite the rapid growth of technology and Internet-based markets, many of the current systems limit themselves to price as the single dimension variable and offer, if at all, only minimal negotiation support to the consumer. In the real world, commercial transactions take into account many other parameters both quantitative and qualitative such as product quality, speed, reputation, after sales service, etc. This paper discusses how these multiple attributes can be captured to augment standard negotiation processes in order to support electronic market transactions. Using a combination of utility theory and multicriteria decision-making, we propose heuristic algorithms to discover potential trades. In addition, the approach is included within a larger framework that incorporates market-signaling mechanisms. This not only allows for the systematic evolution of negotiation positions among buyers and sellers but can ultimately lead towards improving both market transparency and efficiency. To illustrate the multiple criteria model coupled with the dynamic market signaling framework, we report in this paper the implementation of a Web-based clearinghouse that serves the real estate market.

Keywords: multi-attribute modeling; market intermediaries; market signaling; negotiation and support (search for similar items in EconPapers)
Date: 2001
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Citations: View citations in EconPapers (9)

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DOI: 10.1023/A:1012441210338

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