Electronic Markets最新文献

This study presents a groundbreaking Systematization of Knowledge (SoK) initiative, focusing on an in-depth exploration of the dynamics and behavior of traders on perpetual future contracts across both centralized exchanges (CEXs) and decentralized exchanges (DEXs). We summarize the features of CEXs and DEXs and propose 4 exchange models that govern the operations of exchanges in different types, allowing for the classification of any exchange into one of these predefined models. Our research also includes an empirical analysis of traders’ behavior in exchanges of the 4 types of models. On DEX of the Virtual Automated Market Making (VAMM) Model, open interest on short and long positions exerts effect on price volatility in opposite direction, attributable to VAMM’s price formation mechanism. In the DEXs with Oracle Pricing Model, we observed a distinct asymmetry in trader behavior between buyers and sellers. Such asymmetry might stem from uninformed traders reacting more strongly to positive news than to negative, leading to a tendency to accumulate long positions. This study sheds light on the potential risks and advantages of using perpetual future contracts within the DeFi space while provides mathematical basis and empirical insights based on which future theoretical works can be configurated, offering crucial insights into the rapidly evolving world of blockchain-based financial instruments.

The advancing digitalization of daily life has led to an increasing number of choices in the digital sphere. User interfaces that require either a judgment or a decision, the so-called digital choice environments (DCEs), are essential focal points for interventions to alter behaviors towards individual or societal welfare. However, there is a lack of descriptive and prescriptive knowledge within the field of DCEs. In this research, we follow a multi-stage approach to classify the characteristics of DCEs from a choice-centric viewpoint and disclose configurational trade-offs. To achieve this, we first build a taxonomy of DCEs that we validate through expert interviews. Subsequently, we use cluster analysis to identify four configurations of DCEs, which serve as the basis for the development of a configurational model that outlines configuration-specific user outcomes. Our results contribute to the existing knowledge of digital value creation as well as the explanatory understanding of trade-offs among different DCEs.

Research on cryptocurrency exchanges, consisting of both centralized exchanges (CEXs) and decentralized exchanges (DEXs), has seen a significant increase in contributions in recent years, driven by growing interest in the conceptual design of cryptocurrency markets. Through a comprehensive review of literature published between January 2019 and September 2023, I identify and analyze different dimensions of the ongoing CEX vs. DEX debate. While DEXs emphasize decentralization, user control, and resistance to censorship, CEXs offer higher liquidity, advanced trading features, and a more established track record. Regulatory challenges, such as Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance, also feature prominently in the literature and influence the choice of exchange for both traders and policymakers. In addition, I observe a growing interest in the design of pricing functions for CEXs and DEXs, particularly in the area of automated market makers (AMMs). Finally, based on my findings, I outline future research opportunities in this context and derive research gaps as well as recommended actions for practitioners.

The Metaverse, an evolving concept that fuses physical reality with digital virtuality, offers a dynamic environment for exploration. This paper reports the panel discussion on the Metaverse and its potential implications for individuals and research. This discussion was held at the Digitization of the Individual (DOTI) workshop at the International Conference on Information Systems in December 2022. Four scientists who have researched virtual reality, immersiveness, and corresponding user behavior were invited to the panel discussion. The panelists offered their perspectives on the unique characteristics of the Metaverse, how it differs from earlier digital worlds, and the implications that the Metaverse will bring for individuals. This paper provides an introduction to the emerging phenomenon of “Metaverse” and summarizes the discussion and expert perspectives on the topic. Furthermore, this paper links the discussion to the ongoing discourse in the literature, setting the stage for further investigations by providing explicit research avenues and questions.

In the post-Covid world, our online personae have become increasingly essential mechanisms for presenting ourselves to the world. Simultaneously, new techniques for hacking online personae have become more widely available, easier to use, and more convincing. This combination, of greater reliance on online personae and easier malicious hacking, has created serious societal problems. Techniques for training users to detect false content have proved ineffective. Unfortunately, legal remedies for dealing with hacked personae have also been inadequate. Consequently, the only remaining alternative is to limit the posting of false content. In this discussion paper, we provide an overview of online personae hacking. As potential remedies, we propose to redesign search engine and social media algorithms allowing platforms to detect and restrict harmful false content and a new fundamental right for the EU Charter that would provide legal justification for platforms to protect online reputations. For those platforms that might choose not to protect online reputations, this new right would require that they do so.

Crowdfunding platforms offer entrepreneurs the opportunity to evaluate their technologies, validate their market, and raise funding. Such platforms also provide technologies with an opportunity to rapidly transition from research to market, which is especially crucial in fast-changing industries. In this study, we investigated how the sentiments expressed in the text of the project campaigns and project characteristics influence the success of crowdfunding in innovative industries such as cybersecurity and the Internet of Things (IoT). We examined 657 cybersecurity and Internet of Things (IoT) projects between 2010 and 2020 that were promoted on Kickstarter and IndieGoGo, two rewards-based crowdfunding platforms. We extracted technological topic attributes that may influence project success and measured the sentiments of project descriptions using a Valence Aware Dictionary and sEntiment Reasoner (VADER) model. We found that the sentiment of the description and the textual topic characteristics are associated with the success of funding campaigns for cybersecurity and IoT projects.

Advances in new technologies affect private and professional lives alike, posing new opportunities and threats for companies, consumers, and society. In this context, the concept of corporate digital responsibility (CDR) gains traction enabling technologies benefitting humanity while exceeding mere technology advancements. Yet, theory and practice still lack a systematic in-depth understanding of the concept’s scope up to concrete activities. The aim of this paper is to enable a more concrete and deeper understanding of the concept scope by drawing on available knowledge in the thematically related discipline of information systems (IS) in general and electronic markets in particular. The study employs an extended systematic literature review to aggregate prior knowledge in this research domain relatable to the concept of CDR and to develop an in-depth classification of potential CDR activities inductively according to ten dimensions, corresponding sub-dimensions, and respective fields of action. This contributes to the overarching goal to develop the conceptualization of CDR and to anchor the concept in the context of electronic markets, thereby fostering human and social value creation.

This paper aims to systematically review the literature on electronic shopping cart abandonment (ESCA). It analyzes the development of ESCA literature in terms of publication trends, publication outlets, number of citations, methodologies, and theoretical underpinnings. Furthermore, based on the literature synthesis, this review proposes a conceptual framework integrating the widely used antecedents, mediators, and moderators that influence ESCA. The antecedents include customer attributes and website-related factors while research and comparison mediate the relationship between these antecedents and ESCA. Using lexicometric analysis, this SLR identified key themes studied in ESCA literature over time, including customer decision-making criteria, motives and characteristics, online shopping environment, and website attributes. Further, this SLR suggests future research directions to advance ESCA literature from theoretical, contextual, and methodological perspectives. This SLR also suggests strategies for e-retailers and marketers to overcome ESCA. Overall, this review is a silver line in ESCA literature.