publication . Conference object . 2002

How valuable are shopbots?

Panos Markopoulos; Kephart, J. O.;
  • Published: 01 Jan 2002
  • Country: Cyprus
Abstract
The price information that shopbots provide to buyers is clearly valuable, as it enables them to make a better informed choice of product and vendor. We quantify the value of this price information to the buyer in terms of the price dispersion and the buyer's brand preferences, and consider scenarios in which the buyer pays a seller, a shopbot, or some other third party for price information. As an illustration, we compute the value of price information of well known retailers in online book markets, using data on price dispersion and brand preferences reported by Smith and Brynjolfsson, finding that information about a book's price can be about 6% to 10% as val...
Subjects
ACM Computing Classification System: TheoryofComputation_GENERAL
free text keywords: Information analysis, Marketing, Websites, Sales, Shopbots, Brand, Information services, Information value, Multi agent systems, Price dispersion, Product development, Telecommunication services, Machine learning, computer.software_genre, computer, Reservation price, Mid price, Microeconomics, Vendor, Ask price, Informed choice, Computer science, Third party, Artificial intelligence, business.industry, business
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publication . Conference object . 2002

How valuable are shopbots?

Panos Markopoulos; Kephart, J. O.;