REQUIREMENTS OF DESIGN
·
Traders can
register with VIPANI and participate in trading. Traders can choose one of the
several business models that are offered by VIPANI or can define their own
business models.
· A potential seller registers with VIPANI and provides
information on the product she would like to sell, the number of units
available for trading, and chooses a mechanism. The mechanism could be a
forward Dutch auction (FDA) or a first price sealed bid forward auction (FPFA).
The design should have a provision for implementing other types of mechanisms
such as forward English auction, second price sealed bid forward auction, etc.
· A potential buyer registers with VIPANI and provides
information on the product she would like to buy, the number of units required,
and also chooses a mechanism. The mechanism could be a reverse Dutch auction
(RDA) or a first price sealed bid reverse auction (FPRA). The design should
have a provision for implementing other types of mechanisms such as reverse
English auction, second price sealed bid reverse auction, etc.
·
The auction
selected will be conducted. The winner’s payments will be determined.
Appropriate Notifications will be sent
to the bidders.