A multi-attribute negotiation support system with market signaling for electronic markets

Despite the rapid growth of technology and Internet-based markets, many of the current systems limit themselves to price as the single dimension varia ble and offer, if at all, only minimal negotiation support to the consumer. In the real world, commercial transactions take into account many other pa rameters both quantitative and qualitative such as product quality, speed, reputation, after sales service, etc. This paper discusses how these multip le attributes can be captured to augment standard negotiation processes in order to support electronic market transactions. Using a combination of uti lity theory and multicriteria decision-making, we propose heuristic algorit hms to discover potential trades. In addition, the approach is included wit hin a larger framework that incorporates market-signaling mechanisms. This not only allows for the systematic evolution of negotiation positions among buyers and sellers but can ultimately lead towards improving both market t ransparency and efficiency. To illustrate the multiple criteria model coupl ed with the dynamic market signaling framework, we report in this paper the implementation of a Web-based clearinghouse that serves the real estate ma rket.