Believable electronic trading environments on the Web

Contemporary Web-based electronic markets reflect the dominating content-based systems approach of Web 2.0. Though useful, these electronic markets are far from being believable trading places. Marketplace is where things and traders have presence, constituting a rich interaction space. The believability of the place depends on the believability of the presence and interactions in it, including the players' behaviour and the narrative scenarios of the marketplace. This paper discusses what constitutes the believability of electronic marketplaces and presents the technologies that support it. Believability of electronic marketplaces can be described through three metaphors: "marketplaces where people are", "market-places that are alive and engaging", and "market places where information is valuable and useful". The paper presents the core technologies that enable the perceivable believability of electronic marketplaces. It describes a demonstrable prototype of a Web-based electronic marketplace that integrates these technologies. This is part of a larger project that aims to make informed automated trading an enjoyable reality of Web 3.0.