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Backward induction strategy (BIDS) for bidding in multiple auctions
SMC'03 Conference Proceedings. 2003 IEEE International Conference on Systems, Man and Cybernetics. Conference Theme - System Security and Assurance (Cat. No.03CH37483), 2004We present a bidding strategy that enables an agent to bid in multiple English auctions. Based on a backward induction method, backward induction strategy (BIDS) seeks to maximize the value of a utility function. In general, the agent needs to determine whether to bid in the next available auction.
Jie Zhang 0009 +2 more
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On the evaluation of bidding strategies in sequential auctions
Operations Research Letters, 2021zbMATH Open Web Interface contents unavailable due to conflicting licenses.
Michael N. Katehakis +1 more
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Average‐Bid Method—Competitive Bidding Strategy
Journal of Construction Engineering and Management, 1993The major drawback of the low‐bid method, often used for competitive bidding in the U.S. construction industry, is the possibility of awarding a construction contract to a contractor that submits, either accidentally or deliberately, an unrealistically low bid price. Often, such an occurrence works to the owner's and contractor's detriment by promoting
Ioannou, Photios G., Leu, Sou-Sen
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This paper determines the optimal bid price for a fine bidding against several other firms, when each firm estimates its own cost and the cost estimates of the prices of other firms. Game theoretic and decision theoretic approaches are compared.
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On Multiplicative Bidding Strategies
Operations Research, 1980Some models of competitive bidding consider only bidding strategies in which the bid is a preselected multiple of an estimate of the value (or cost) of the subject of the auction. This paper examines the effect of such a restriction on these models.
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Equilibrium Linear Bidding Strategies
Operations Research, 1980Symmetric bidding models are considered in which all bidders start with the same prior distribution on the value of the subject of the auction. In addition, each bidder is assumed to develop his own independent estimate. Each bidder's strategy must be a preselected linear function of his estimate.
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