As energias renováveis têm lugar de destaque entre as soluções de combate ao aquecimento global, mas seu potencial ainda é subaproveitado no Brasil. Este trabalho visa apresentar argumentos político-estratégicos, socioambientais e econômico-financeiros necessários para viabilizar o desenvolvimento da comercialização de novas fontes de energias renováveis e, consequentemente, o estabelecimento de um mercado nacional maduro para estas fontes. São apresentadas justificativas socioambientais e técnicas para ampliar a produção de energia elétrica a partir de novas fontes renováveis como eólica, biomassa, solar e pequenas centrais hidroelétricas. Foi abordado o importante papel da política tarifária e o atual modelo do setor elétrico, assim como o forte impacto dos encargos e tributos sobre o preço final da energia e as questões relacionadas à revisão tarifária e seu impacto em áreas rurais e urbanizadas. Foi apresentado um cenário de participação das novas fontes de energias renováveis na matriz elétrica brasileira indicando o forte potencial de expansão destas fontes, valorizando a descentralização e diversificação da matriz para promoção da equidade e justiça e desvinculação entre o crescimento econômico e a ampliação da geração de energia. Foram apresentados vários modelos de mercado e concluiu-se que o modelo da competição no varejo é a melhor opção para a viabilização de uma comercializadora de novas fontes de energias renováveis. Foram apresentados estudos de casos em diversos países da Europa, Ásia e Américas e a análise de seus pontos mais interessantes visando contribuir para o desenvolvimento de um marco regulatório específico para fomentar um mercado nacional de energias renováveis. Entre as políticas referidas estão o sistema de cotas; sistema de licitação; subsídios e principalmente a tarifa feed-in, que atende em melhores condições diretrizes relevantes como a redução dos impactos ambientais, o desenvolvimento tecnológico nacional, a estabilidade de mercado e a ampliação de fontes limpas na matriz elétrica. Por fim, foi feita uma análise econômica de distintas fontes renováveis em condições variadas de mercado como taxa de retorno, custo de transmissão, crédito de carbono e outros. Desta forma foi possível avaliar as melhores e piores condições de formação de preço final por tecnologia (eólica, biomassa e PCHs) para implementação de uma comercializadora de energia. Neste estudo, foi possível avaliar o impacto da tarifa de transmissão assim como a sensibilidade do preço final da energia em relação à eventual flutuação do câmbio, para energias com maior parte de componentes precificados em moeda estrangeira. O trabalho conclui que a viabilização de uma comercializadora de energia renovável no país depende fundamentalmente de um marco regulatório estável, uma política financeira e fiscal de longo prazo e um modelo de mercado aberto. / Renewable energy plays a key role as part of the solutions to the climate change crisis. However, the potential for new renewable energy is underdeveloped in Brazil. This dissertation presents the necessary arguments to promote the development of the commercialization of new renewable energy sources within the political-strategic, socio-environmental and Economic-financial aspects for the implementation of a mature national market. Environmental, social and technical justification is used to enhance the expansion of electric energy generation from renewable sources such as wind, biomass, solar and small hydropower. The important role of tariff policy, the current model of the energy sector and the impact of taxes and fees in both rural and urban areas was also addressed in the text. A scenario is presented indicating the potential share of renewable energies in the electric matrix of the country and its expansion potential. The scenario emphasizes the decentralization and diversification of the energy matrix as well as promotes equitable justice and decouples the economic growth from new energy generation. A wide number of electricity trading markets were discussed and the competitive retail one was identified as the most suitable for the commercialization of new renewable energy sources. The most interesting elements of a number of case studies in Europe, Asia and US were analyzed to contribute to the discussion of a regulatory framework to develop a renewable energy market in Brazil. Among them the quota system; the auction system; the subsidies and finally the feed-in system that better addresses the reduction of environmental impact, national technology development, market stability and the expansion of renewable sources in the electricity matrix. Finally, an economic analysis of different renewable technologies (wind, biomass, small hydro) was deployed varying the return of investment rate, the grid cost, the carbon credits and others. The economic simulation set a price range with the best and worst conditions per technology for consideration in the commercialization of renewable Energy. In this study it was possible to evaluate the impact of the grid fee or the exchange rate for technologies with many imported components. The work concludes that the feasibility of the commercialization of renewable energy in the country relies mainly on stable regulatory framework, a financial and fiscal long term policy and an open energy market model.

O atual desenho de mercado do Setor Elétrico Brasileiro (SEB) está apresentando uma série de problemas em seu funcionamento, destacando: (i) sustentabilidade econômica e financeira; (ii) sinal de preços; e (iii) complexidade técnica e regulatória. Esta combinação de problemas diminui a eficiência econômica e resulta em um ambiente de negócios inadequado e que não permite a correta alocação de custos e riscos. Todavia, apesar dos problemas apontados destaca-se que entre as ferramentas do SEB estão os Leilões de Energia, os quais são internacionalmente reconhecidos como eficazes na atração de investimentos e na segurança do suprimento. Assim, visando solucionar os problemas identificados no SEB, este estudo tem como objetivo propor um novo desenho de mercado de energia elétrica no Brasil com a utilização de leilões como principal elemento alocativo, introduzindo elementos que aprimorem a contratação de energia elétrica e a operação do SIN. Como um segundo objetivo, apresenta-se os fundamentos teóricos de leilões e de desenho de mercados de energia elétrica, visando uma base sólida e consistente nas proposições, a qual faça sentido para aqueles que desejam analisar e avançar sobre o tema. O novo desenho de mercado proposto considera a criação de um Mercado de Capacidade segregado do Mercado de Energia e a separação da parcela fio e comercialização da Distribuidora, sendo que a comercialização seria caracterizada como uma Loading Service Entity (LSE). A criação do Mercado de Capacidade manteria a liberdade da política energética e resolveria a questão da segurança do suprimento do SIN, sendo que isto combinado com a criação das LSEs permitiria a liberalização de 100% dos consumidores no Mercado de Energia. A operação do SIN também sofreria alteração, migrando do atual modelo de tight pool para um modelo de loose pool, no qual se estabelecem leilões competitivos para a operação do SIN. Um ponto crítico para o sucesso do novo desenho de mercado é o período de transição, e considerando a complexidade do SEB recomenda-se que este processo seja organizado e com previsibilidade de ações, para qual estima-se um período de 72 meses. Ao final, o novo desenho de mercado do SEB busca a eficiência econômica e a correta alocação de riscos, com um ambiente de negócios mais organizado e que esteja em condições de igualdade com os mercados de energia elétrica mais desenvolvidos. / The current Brazilian market design of electricity sector (SEB) is showing many problems, and I point out three severe ones: (i) Economic and financial sustainability; (ii) Poor price signal; (iii) Technical and regulatory complexity. These three problems combined diminish the allocative efficiency and create an unfriendly business environment, which distorts the cost and risk allocation. Brazil has a strong tradition in electricity auctions, highlighting those auctions are internationally recognized as an effective tool in attracting new investments and assuring supply adequacy. Therefore, the primary goal of this study is to present a new Brazilian electricity market design that uses auctions as the main allocative mechanism, including the introduction of features that improve the efficiency of the system and grid operations, as well. The second goal is to organize and present the auction and market design theory in Portuguese, providing a reference to others that want to research and study the theme. The proposal of a new market design splits the Capacity from Energy, and Grid Services from Commercialization in Distributors\' market, observing that the Distributors Commercialization part would be allocated in a Loading Service Entity (LSE). The creation of a Capacity Market would keep the energy policy room and address the supply adequacy concern, and this market combined with LSEs would allow the liberalization of all consumers to choose their suppliers. The Grid Operation also would be modified from a tight pool model to a loose pool model, and the new model would include auctions as the main allocation mechanism. One critical point to the success of a new Brazilian market design is the transition process; especially due to the complexity of SEB this study proposes a 72-month transition process. In the end, the new Brazilian market design will seek for more economic efficiency and a correct risk allocation, creating a better-organized business environment on par with conditions in more advanced electricity markets.

Este trabalho tem o objetivo de relatar e analisar a história dos projetos hidrelétricos conhecidos por \"botox\" (expressão cunhada aos projetos mais velhos com roupagem de novos), desde sua origem, ainda na primeira reforma do setor elétrico brasileiro em 1998, até seu desfecho, no leilão de energia nova de 2007, já no âmbito da segunda reforma do setor elétrico iniciada em 2004. Para sua total compreensão, é feita a historiografia do setor elétrico desde o Código de Águas, vis-à-vis da política econômica mundial e de seus reflexos na economia nacional. A dissertação prossegue com a descrição das alterações regulatórias, principalmente no que se refere ao critério de licitação de concessões de aproveitamentos hidrelétricos, caracterizando e identificando como se formou essa categoria de empreendimentos \"botox\". Após a conceituação teórica de leilões, são analisadas as participações desse tipo de projeto nos cinco leilões de energia nova, ocorridos entre 2005 e 2007. Além de uma abordagem sob o ponto de vista do produtor independente de energia elétrica, também é feita análise de que forma a alteração da regulamentação para outorga de concessões de geração e para comercialização de energia modificou a perspectiva de evolução do valor da energia elétrica para os autoprodutores. Por fim, é feita breve discussão sobre o processo de licenciamento ambiental desses projetos, com ênfase em seus aspectos regulatórios. / This thesis aims to discuss and analyze the history of a particularly hydroelectric power plants group, nicknamed as \"botox\". This expression comes from the fact that those projects were old ones, which have been previously conceived, that were treated as brand new by the Brazilian regulatory framework. Its history has began from the Brazilian electricity industry reform in the 1990s. This history reaches its final step in the 2007 auction, already under the revised power sector model launched in 2004, which marked the last opportunity of the so-called \"botox\" projects to participate closing deals to sell long term energy in a specially designed auction. To perform this analysis, it is firstly reported the context were the \"botox\" were conceived in the recent history of Brazilin Electricity Sector, and how power plants group was impacted by the shifts of international economic trends. The next section discusses the last two power sector reforms, particularly addressing the shifts hydro-plants investors faced on having access to concession auctions for new projects. After providing the background of the auction mechanism theory, it is examined the newly designed electricity auction adopted in Brazil as well as the results of the auctions that took place between 2004 up to 2007. Finally, it is discussed implications of the rules regarding the latest industry reform and regulatory issues towards environmental licenses, focusing on their impacts on the willingness to invest of self-generators owners of \"botox\" projects.

On the one hand, time-honored practices of open outcry, bazaar and other flea markets, as well as Sotheby's and Christie's, the traditional auction houses. On the other hand, the Internet technology quickly and cheaply connects people anywhere in the world at anytime. A true love story then began and gave rise to online auctions, which are undoubtedly one of the greatest successes of e-commerce. Thanks to the Internet, individual consumers, average people, generally used to posted prices, discover an efficient mechanism of price setting. The weak popularity of auctions until the dawn of the third millennium (auctions were intended to B2B transactions, or to B2C transactions but in specific markets, such as the art market) certainly justifies the lack of interest of researchers in marketing for this mechanism. On the other hand, economists made auctions one of their favorite topics, as this mechanism constitutes a wonderful application of game theory, which has been playing a preponderant role in economics for twenty-five years. Entitled “Essays on Online Auction Design and Bidding Behavior”, this doctoral dissertation helps enrich the traditional economic approach of auctions by a behavioral and dynamic approach. The original part of the research is structured in three main stages, which go deeper and deeper in the study of bidders' behavior and auction dynamics. The whole research is based on online auctions organized by the French airline company Air France and by the auction site eBay. In the first stage of the research, on the basis of hypotheses coming from the auction theory, the impact of auction rules on bidders’ participation and seller's revenue is econometrically studied, using simultaneous equations models and the 2SLS method. Does a high opening bid have a negative effect on the number of bidders and a positive one on the auction revenue, as predicted by the auction theory? Do sequential auctions of similar items lead to similar auction price? These are examples of questions that are investigated. While the auction theory literature typically takes the number of bidders as exogenously given, we chose to consider it as endogenous. Even though an increasing number of researchers acknowledge the endogenous feature of auction participation, no empirical study really takes this feature into account. Hypotheses from the auction theory turn out to be confirmed, as far as the minimum bid and the number of bidders are concerned. Interesting results are found regarding the performance of sequential auctions of similar items, since auctions in a sequence turn out to yield increasing revenues. Furthermore, the impact of the starting bid turns out to be moderated by the effect of these sequential auctions. In the second stage of this research, a disaggregated perspective (at the bidder’s level) is adopted, since a typology of bidding behaviors based on bidders' choices is built. This part is thus aimed at investigating whether heterogeneity exists in bidder’s behavior in online auctions, contrary to the longstanding assumption of homogenous, rational and strategic bidders made by the auction theory. A clustering analysis is conducted, based on decisions that bidders have to make during an auction, whose keywords are certainly: when? How? How much? For example: do bidders submit a small or a large number of bids? Do they react quickly when they lose auction leadership? When do they make their bids: at the beginning of the auction, at the end of it, or during the whole auction? What increment do they use? Results, based on two different samples related to Air France and eBay auctions provide a description of different bidding behaviors. The analysis focusing on Air France auctions highlights five types of bidding behavior: jump bidders, rational bidders, active bidders, bottom fishers and pioneers. Slightly different results are obtained for eBay auctions, since six types of bidding behavior are highlighted: snipers, evaluators, unmasking bidders, bottom fishers, pioneers and late pioneers. A closer look is given to the group of bidders who turned out to win an auction, in order to determine whether these bidders are characterized by specific bidding decisions, and thus, by specific bidding behaviors. The third stage focuses on the dynamic bidding process of an English auction, by specifically studying the impact of signals – namely, promotional messages – sent during an online auction on the final auction price. It proposes to test a model of the genesis and the impact of these messages aimed at informing current bidders and potential bidders about the item or urging them to submit a bid. This impact is modeled through a disaggregated and dynamic model. It exploits the recent behavioral view that each bid submitted by a bidder in an English auction is a particular decision that may be influenced by signals sent by the auctioneer during the auction, that is, between the decisions that the bidder makes. This model simultaneously takes into account the following three factors: (i) the direct impact of marketing messages on the auction price when messages affect bidders’ valuations, (ii) the indirect impact of messages on this price when messages attract a new bidder to the auction, and (iii) the possibility that the auctioneer’s strategy for sending messages depends on past events in the auction and on the timing of past messages. In this model, we thus propose that messages influence final auction prices through a dual-path system. The model also reflects an important feature of auction messages, which is the real time interactivity between the auctioneer and auction participants. The results, obtained through Bayesian inference, support the proposed model. This doctoral dissertation globally helps better understand bidders’ behavior in view of the rules set by the seller, and estimate how this seller can maximize his/her revenues. The main original aspects of this research consist in considering the English auction as a dynamic process and in focusing on bidders’ behavior, these two elements being ignored by economists. From a managerial point of view, this research can help online auction designers to better design their auctions in order to maximize their revenue.

In Sweden, firms that file for bankruptcy are all auctioned off either piecemeal or as going concerns. Upon filing, managers lose control of the firm. In contrast, in the U.S. managers retain control by selecting to renegotiate the financial claims on the firm under court-supervision (Chapter 11). This thesis addresses the ongoing debate as to whether a Chapter 11-style renegotiation option is valuable to the firm’s securityholders. The optimal bankruptcy system depends on how well the auction system itself functions as well as on the extent to which managers misuse the renegotiation option to their own benefit (the agency problem). While there is substantial evidence on Chapter 11 cases, the thesis provides some first evidence on the workings of a pure auction system using Swedish data. The first essay examines direct costs, creditor recovery rates and auction premiums in Sweden, and compares the results to extant evidence on U.S. Chapter 11 cases. Overall, the results suggest that mandatory auctions provide a relatively cost-efficient bankruptcy procedure, producing recovery rates that are similar to those reported for much larger firms in Chapter 11. Moreover, auction premiums are significant and tend to increase with industry distress, which contradicts arguments that financially distressed firms sell assets below their true value. The second essay provides some first evidence on managerial compensation, turnover and corporate performance following Swedish bankruptcy auctions. The evidence indicates that mandatory auctions act as a substantial managerial disciplinary force: CEOs typically incur significant compensation losses and a majority of CEOs lose their job through the auction. Nevertheless, the operating profitability of the auctioned firms is typically at par with industry norms. Thus, although CEO wealth effects and turnover rates are dramatic, there is little support for the argument that managers in an auction bankruptcy system tend to delay filing at the detriment of the firm's going concern value. Essays three and four take a broader perspective on corporate restructurings. The third essay examines alternative econometric explanations for the lack of stock market gains to bidder firms reported in the literature. The analysis, which uses a large sample of Canadian targets, provides new evidence consistent with the proposition that the measured gains to relatively large, frequent acquirors reflect an attenuation bias produced by event-study econometrics. Moreover, the results suggest that mergers between relatively equal-sized firms, and which have not generated anticipation of future acquisition activity, tend to produce significantly positive bidder gains. This supports the use of mergers also as an alternative to bankruptcy. / <p>Diss. Stockholm : Handelshögskolan, 1998</p>

The aim of this thesis is to develop efficient and practically useful Bayesian methods for statistical inference in structural second-price auctions. The models are applied to a carefully collected coin auction dataset with bids and auction-specific characteristics from one thousand Internet auctions on eBay. Bidders are assumed to be risk-neutral and symmetric, and compete for a single object using the same game-theoretic strategy. A key contribution in the thesis is the derivation of very accurate approximations of the otherwise intractable equilibrium bid functions under different model assumptions. These easily computed and numerically stable approximations are shown to be crucial for statistical inference, where the inverse bid functions typically needs to be evaluated several million times. In the first paper, the approximate bid is a linear function of a bidder's signal and a Gaussian common value model is estimated. We find that the publicly available book value and the condition of the auctioned object are important determinants of bidders' valuations, while eBay's detailed seller information is essentially ignored by the bidders. In the second paper, the Gaussian model in the first paper is contrasted to a Gamma model that allows intrinsically non-negative common values. The Gaussian model performs slightly better than the Gamma model on the eBay data, which we attribute to an almost normal or at least symmetrical distribution of valuations. The third paper compares the model in the first paper to a directly comparable model for private values. We find many interesting empirical regularities between the models, but no strong and consistent evidence in favor of one model over the other. In the last paper, we consider auctions with both private-value and common-value bidders. The equilibrium bid function is given as the solution to an ordinary differential equation, from which we derive an approximate inverse bid as an explicit function of a given bid. The paper proposes an elaborate model where the probability of being a common value bidder is a function of covariates at the auction level. The model is estimated by a Metropolis-within-Gibbs algorithm and the results point strongly to an active influx of both private-value and common-value bidders. / <p>At the time of the doctoral defense, the following papers were unpublished and had a status as follows: Paper 1: Epub ahead of print. Paper 2: Manuscript. Paper 3: Manuscript. Paper 4: Manuscript.</p>

Detta är en undersökning som är gjord för att jämföra prissättningen av fastigheter som är till salu i Sverige och Spanien. För att avgränsa oss har vi valt att jämföra Stockholms innerstads prissättning med prissättningen i Palma på Mallorca i Spanien. Lockpris fenomenet har fått hård kritik under den senaste tiden i media. På grund av denna kritik så har många mäklare, speciellt i Stockholms innerstad, gått ihop och arbetar mot att undvika lockpriser och har infört begreppet accepterat pris. Dock kan accepterat pris uppfattas som ett nytt ersättningsnamn på lockpriser. Trots att Mäklarsamfundet tar bestämt avstånd från användning av lockpriser så har vi genom intervjuer med mäklare i Stockholms innerstad fått fram att detta används fortfarande vid prissättning av bostäder. Vi har genom våra intervjuer med fastighetsägare i Stockholm och Palma, mött flera fastighetsägare som har känt sig lurade då de har köpt en fastighet till ett avsevärt mycket högre slutpris än utgångspris. Samtidigt har vi mött flera fastighetsägare som är nöjda med Sveriges budgivningssystem. De flesta föredrar dock att köpa eller sälja en fastighet till verkligt accepterat pris. Det spanska budgivningssystemet där budgivningen går nedåt har, trots att de flesta fastighetsköpare som vi intervjuat lyckats förhandla ned slutpriset, mötts med en del kritik. Största delen av kritiken bygger på att priset inte sätts relaterat till marknadspriset, vilket det trots lockpriser, görs i Sverige. / This is a survey where we compare the pricing of properties that are for sale in Sweden and Spain. To make delimitation, we have chosen to compare the pricing in the inner city of Stockholm of Sweden with the pricing in Palma in Mallorca, Spain. The cap rates phenomenon has been very criticized in the Swedish media in the latest couple of years. Because of this criticism, many real estate agents in the inner city of Stockholm are working to avoid cap rates and introduced the concept of using acceptable prices. However, acceptable price rates are perceived as a replacement name for the cap prices. Although the Mäklarsamfundet, of Sweden, disagrees with the use of cap rates, we have trough our interviews with real estate agents in the inner city of Stockholm received that this concept is still used in the pricing of properties. We have, through our interviews with property owners in Stockholm and Palma, met several property owners who have felt cheated when they bought a property at a significantly higher final price than the asking price. We have as well met several property owners who are satisfied with the Swedish pricing. But most people prefer to buy or sell a property at fair agreed price, using acceptable pricing. Many of the Spanish property buyers who we have interviewed are critical to the Spanish pricing, where the bidding goes down. This despite that most of them, managed to negotiate down the final price. Most of the criticism is based on that the prices are not related to market price, which, despite the cap rates, is in Sweden.

Participatory Sensing (PS) systems rely on the willingness of mobile users to participate in the collection and reporting of data using a variety of sensors either embedded or integrated in their cellular phones. Users agree to use their cellular phone resources to sense and transmit the data of interest because these data will be used to address a collective problem that otherwise would be very difficult to assess and solve. However, this new data collection paradigm has not been very successful yet mainly because of the lack of incentives for participation and privacy concerns. Without adequate incentive and privacy guaranteeing mechanisms most users will not be willing to participate. This thesis concentrates on incentive mechanisms for user participation in PS system. Although several schemes have been proposed thus far, none has used location information and imposed budget and coverage constraints, which will make the scheme more realistic and efficient. A recurrent reverse auction incentive mechanism with a greedy algorithm that selects a representative subset of the users according to their location given a fixed budget is proposed. Compared to existing mechanisms, GIA (i.e., Greedy Incentive Algorithm) improves the area covered by more than 60 percent acquiring a more representative set of samples after every round, i.e., reduces the collection of unnecessary (redundant) data, while maintaining the same number of active users in the system and spending the same budget.

This thesis looks at three aspects related to the design of E-commerce systems, online auctions and distributed grid computing systems. We show how formal verification techniques from computer science can be applied to ensure correctness of system design and implementation at the code level. Through e-ticket sales example, we demonstrate that model checking can locate subtle but critical flaws that traditional control and auditing methods (e.g., penetration testing, analytical procedure) most likely miss. Auditors should understand formal verification methods, enforce engineering to use them to create designs with less of a chance of failure, and even practice formal verification themselves in order to offer credible control and assistance for critical e-systems. Next, we study why many online auctions offer fixed buy prices to understand why sellers and auctioneers voluntarily limit the surplus they can get from an auction. We show when either the seller of the dibbers are risk-averse, a properly chosen fixed permanent buy-price can increase the social surplus and does not decrease the expected utility of the sellers and bidders, and we characterize the unique equilibrium strategies of uniformly risk-averse buyers in a buy-price auction. In the final chapter we look at the design of a distributed grid-computing system. We show how code-instrumentation can be used to generate a witness of program execution, and show how this witness can be used to audit the work of self-interested grid agents. Using a trusted intermediary between grid providers and customers, the audit allows payment to be contingent on the successful audit results, and it creates a verified reputation history of grid providers. We show that enabling the free trade of reputations provides economic incentives to agents to perform the computations assigned, and it induces increasing effort levels as the agents' reputation increases. We show that in such a reputation market only high-type agents would have incentive to purchase a high reputation, and only low-type agents would use low reputations, thus a market works as a natural signaling mechanism about the agents' type. / text

Baigiamajame magistro darbe nagrinėjamos internetinių aukcionų pritaikymo galimybės tarptautinei prekybai dailės kūriniais. Nagrinėjami pagrindiniai teoriniai principai, kuriais remiantis nustatomos internetinių aukcionų pritaikymo galimybės tarptautinei prekybai dailės kūriniais: dailės kūrinių specifika, teikiama nauda, rinkos dalyviai, internetinių aukcionų sistemos ypatumai, interneto tinklalapio elementų ir kultūrinių skirtumų įtaka tarptautinei prekybai. Pateiktas internetinių aukcionų efektyvumo ir pritaikymo tarptautinei rinkai vertinimo klausimynas, atlikta lyginamoji analizė Lietuvoje ir užsienyje plėtojamų internetinių aukcionų bei internetinių aukcionų pritaikymo tarptautinei prekybai dailės kūriniais perspektyvų analizė. Atsižvelgiant į literatūros šaltinių, statistikos analizę ir atliktus tyrimus, parengiami strateginiai sprendimai, skirti internetiniams aukcionams pritaikyti tarptautinei prekybai dailės kūriniais. Darbo pabaigoje pateikiamos apibendrinamos išvados ir pasiūlymai. / The final master thesis deals with online auction application possibilities of international trade in art works. To the main theoretical principles used to define online auctions range of possibilities of international trade in art works: the specificity of works of art, benefits, market participants, on-line auction system features, web site elements and cultural differences on international trade. There is submitted on-line auction efficiency and adaptation to international market assessment questionnaire, performed a comparative analysis of Lithuania and abroad evolving online auctions and a prospective analysis of online auctions for the international trade in art works. Then, using literary sources, statistical analysis and studies, strategic solutions is being presented, which would improve the online auctions possibilities and orientation of the international trade in art works. Finally the conclusions and suggestions are proposed.