Topic
Bidding
About: Bidding is a research topic. Over the lifetime, 15371 publications have been published within this topic receiving 294233 citations. The topic is also known as: competitive bidding.
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TL;DR: The rationale of block order restrictions is discussed and it is argued that the restrictions could be relaxed, which some exchanges have already started doing.
108 citations
01 Apr 2010
TL;DR: The Borrower Decision Aid helps the borrower to quantify her strategic options, such as starting interest rate, and the amount of loan requested, in one particular P2P loan auction site, Prosper.com.
Abstract: In setting up, and bidding in online auctions, people face difficult strategic decisions. In this study, a Borrower Decision Aid is introduced, which will help formalize the decision making process of the sellers, or borrowers in this case, in one particular P2P loan auction site, Prosper.com. The vast amount of real-life bidding data available in this online auction enables us to build new kinds of tools for decision makers. The Borrower Decision Aid helps the borrower to quantify her strategic options, such as starting interest rate, and the amount of loan requested. We identify which variables concerning the borrower are related to the probability of successfully securing a loan and the final interest rate.
108 citations
TL;DR: In this article, a decision support system (DSS) is proposed to assist contractors in preparing competitive bids for building projects using neural networks for markup estimation that derive solutions for new bid situations based on analogy with past projects using information elicited from contractors in Canada and United States.
Abstract: This paper presents a decision‐support system (DSS) that aids contractors in preparing competitive bids for building projects. The DSS uses neural networks for markup estimation that derive solutions for new bid situations based on analogy with past projects using information elicited from contractors in Canada and the United States. The neural networks were trained to generalize the projects' knowledge and thus become able to predict the outcomes of a project when fed with the contractor's assessment of various project risks. The proposed DSS is coded in a user‐friendly software called DBID. The software enables the contractor to retrain the neural networks on some of his or her past bid encounters and accordingly adapt the model to his or her own environment. In estimating the optimum markup for a new project, the uncertainty in the contractor's assessment of project risks is accounted for by a sensitivity analysis conducted using the Monte Carlo simulation technique. Such analysis produces a measure of...
107 citations
TL;DR: In this paper, the authors present an empirical analysis of a supply function equilibrium model in the Texas spot electricity market and derive conditions for optimal bidding behavior in a spot market with ex ante bilaterally contracted sales.
Abstract: We present an empirical analysis of a supply function equilibrium model in the Texas spot electricity market. We derive conditions for optimal bidding behavior in a spot market with ex ante bilaterally contracted sales. By estimating costs, we are able to derive a set of ex post-and ex ante-optimal supply functions and use a non-parametric behavioral model to compare our theoretically optimal supply functions to actual offers made. Our results show that with the exception of the largest generators, firms make offers with markups and markdowns far in excess of what a model of profit-maximizing behavior suggests.
107 citations
TL;DR: In this paper, the authors developed a formal model of competitive bidding to analyze some aspects of the federal offshore oil leasing system and found that the lease sales of interest are often characterized by small numbers of auction participants and by high levels of uncertainty regarding the true values of the leases offered.
Abstract: This paper develops a formal model of competitive bidding to analyze some aspects of the federal offshore oil leasing system. The lease sales of interest are often characterized by small numbers of auction participants and by high levels of uncertainty regarding the true values of the leases offered. The model suggests that these circumstances may lead to the capture of a substantialfraction of economic rent by the purchases of leases. Indeed, our results suggest that the government should be willinig to fund a substantial exploration effort to bring better presale information into the public domain. Some effects of the level of uncertainty and the number of competing bidders on industry efficiency are also considered.
107 citations