A Minimal Market Model in Ephemeral Markets

Abstract Peer-to-peer markets going mobile spur spontaneity in trading considerably. Spontaneity, however, imposes severe informational requirements on the market participants. Informational requirements are twofold: Firstly, participants have to agree on a common vocabulary for that spontaneous market. Secondly, they need precise information about how the trading process is organized. Due to the lack of a central market operator these common understandings must be determined by the market participants themselves. Prior to any market process, these terms and regulations must be distributed by the market participant that initiates the market process. This raises the question concerning the used ontology. Standards describing (business) processes are available in general, but are currently not suitable for ephemeral markets. Electronic markets are extremely context sensitive, making the establishment of common understandings crucial as well as difficult. This paper uses structural simila...

• Type: Conference
• Year: 2004
• Where: FORTE
• Authors: Daniel Rolli, Dirk Neumann, Christof Weinhardt
• Keywords: FORTE 2004, FORTE 2007, Market, Market Participant, Minimal Market Model