A conceptual model for virtual markets

Virtual Markets on the Information Superhighway (VMIS) have provided and will provide new areas of opportunities for retailers, producers, and consumers. The building of such global VMISs raises important issues of marketing, management, and operation. In this paper, a powerful conceptual framework for such VMISs is presented using the knowledge representation language Telos. This framework is developed and based on careful analysis and abstraction of VMISs, using a real-world virtual market as an example. Capabilities of this integrated hybrid modelling framework include meta-level facilities, constraint enforcement, and inference facilities. By creating rich ontologies, this method provides a comprehensive framework for analysis, design, and investment decisions involving future VMISs.