Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
6748132 | International Journal of Project Management | 2016 | 15 Pages |
Abstract
Anticipating the number and identity of bidders has significant influence in many theoretical results of the auction itself and bidders' bidding behaviour. This is because when a bidder knows in advance which specific bidders are likely competitors, this knowledge gives a company a head start when setting the bid price. However, despite these competitive implications, most previous studies have focused almost entirely on forecasting the number of bidders and only a few authors have dealt with the identity dimension qualitatively. Using a case study with immediate real-life applications, this paper develops a method for estimating every potential bidder's probability of participating in a future auction as a function of the tender economic size removing the bias caused by the contract size opportunities distribution. This way, a bidder or auctioner will be able to estimate the likelihood of a specific group of key, previously identified bidders in a future tender.
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Civil and Structural Engineering
Authors
Pablo Ballesteros-Pérez, Martin Skitmore, Eugenio Pellicer, Jimmy H. Gutiérrez-Bahamondes,