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This is a centralized
protocol for redistributing resources among agents. Each agent attaches a value
to each resource. The seller asks a price for a resource and buyer offers a
price and they negotiate over the Internet to achieve a desired outcome satisfying
to both; else the negotiation fails.
Electronic auctions offer an
electronic implementation of the biding mechanism known from the traditional
auctions. E-auctions can be accompanied by multimedia presentations
of the goods. They also include integration of the bidding process with
contracting, payments and delivery. Benefits for suppliers and buyers are
increased efficiency, timesaving, and global sourcing.