TY - GEN
T1 - The Power of Collective Insight
T2 - 57th Annual Hawaii International Conference on System Sciences, HICSS 2024
AU - Ivanov, Anton
AU - Tacheva, Jasmina
AU - Mukherjee, Ujjal
N1 - Publisher Copyright:
© 2024 IEEE Computer Society. All rights reserved.
PY - 2024
Y1 - 2024
N2 - During the COVID-19 pandemic, online auction markets gained significant importance for their efficient and transparent handling of the shift in economic activity. Renowned digital car auction platform Bring a Trailer (BaT) experienced remarkable growth, with its revenue reaching $828 million in 2020. This study investigates the factors contributing to BaT's success, focusing on the role of its unique community comment feature, which leverages the collective intelligence of its users, known as wisdom of the crowd (WOC) in IS literature. Analyzing a dataset of 13,451 car listings, the study explores how WOC elements such as information quality and user identity impact auction performance. The analysis reveals that helpful WOC content positively influences auction outcomes, reducing information asymmetry and increasing market efficiency. The impact of WOC contributor reputations, however, showed less consistent results. These findings are relevant for stakeholders in the automotive market, providing insights to inform decision-making in online auction markets.
AB - During the COVID-19 pandemic, online auction markets gained significant importance for their efficient and transparent handling of the shift in economic activity. Renowned digital car auction platform Bring a Trailer (BaT) experienced remarkable growth, with its revenue reaching $828 million in 2020. This study investigates the factors contributing to BaT's success, focusing on the role of its unique community comment feature, which leverages the collective intelligence of its users, known as wisdom of the crowd (WOC) in IS literature. Analyzing a dataset of 13,451 car listings, the study explores how WOC elements such as information quality and user identity impact auction performance. The analysis reveals that helpful WOC content positively influences auction outcomes, reducing information asymmetry and increasing market efficiency. The impact of WOC contributor reputations, however, showed less consistent results. These findings are relevant for stakeholders in the automotive market, providing insights to inform decision-making in online auction markets.
KW - Information Asymmetry
KW - Information Quality
KW - Online Auctions
KW - User Identity
KW - Wisdom of the Crowd
UR - http://www.scopus.com/inward/record.url?scp=85199800857&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=85199800857&partnerID=8YFLogxK
M3 - Conference contribution
AN - SCOPUS:85199800857
T3 - Proceedings of the Annual Hawaii International Conference on System Sciences
SP - 4114
EP - 4123
BT - Proceedings of the 57th Annual Hawaii International Conference on System Sciences, HICSS 2024
A2 - Bui, Tung X.
PB - IEEE Computer Society
Y2 - 3 January 2024 through 6 January 2024
ER -