Fundamentals of Dynamic pricing and E-auctions auction Market mechanism by which buyers make bids and sellers place offers; characterized by the competitive and dynamic nature by which the final price is reached electronic auctions (e-auctions) Auctions conducted online dynamIc prIcing Prices that are determined based on supply and demand relationships at any given time Electronic Commerc Prentice Hall 2006Electronic Commerce Prentice Hall © 2006 4 Fundamentals of Dynamic Pricing and E-Auctions auction Market mechanism by which buyers make bids and sellers place offers; characterized by the competitive and dynamic nature by which the final price is reached electronic auctions (e-auctions) Auctions conducted online dynamic pricing Prices that are determined based on supply and demand relationships at any given time