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.

How contractors price risk in bids: theory and practice

Abstract: Formal and analytical models that contractors can use to assess and price project risk at the tender stage have proliferated in recent years. However, they are rarely used in practice. Introducing more models would, therefore, not necessarily help. A better understanding is needed of how contractors arrive at a bid price in practice, and how, and in what circumstances, risk apportionment actually influences pricing levels. More than 60 proposed risk models for contractors that are published in journals were examined and classified. Then exploratory interviews with five UK contractors and documentary analyses on how contractors price work generally and risk specifically were carried out to help in comparing the propositions from the literature to what contractors actually do. No comprehensive literature on the real bidding processes used in practice was found, and there is no evidence that pricing is systematic. Hence, systematic risk and pricing models for contractors may have no justifiable basis. Contra...

Method and system for processing and transmitting electronicauction information

Abstract: A system and method for conducting a multi-person, interactive auction, in a variety of formats, without using a human auctioneer to conduct the auction The system is preferably implemented in software The system allows a group of bidders to interactively place bids over a computer or communications network Those bids are recorded by the system and the bidders are updated with the current auction status information When appropriate, the system closes the auction from further bidding and notifies the winning bidders and losers as to the auction outcome

Decentralized regulation of a queue

Abstract: A bidding machanism for determining priorities in a service system is analyzed. It is shown that when all customers have the same exponential service demand, this mechanism induces both the socially optimal arrival process and the service order. It is also shown that the profit-maximizing service rate in this model is smaller than or equal to the socially optimal one.

Price-Based Unit Commitment With Wind Power Utilization Constraints

Abstract: This paper proposes an optimal bidding strategy for independent power producers (IPPs) in the deregulated electricity market. The IPPs are assumed to be price takers, whose objectives are to maximize their profits considering price and wind power output uncertainties, while ensuring high wind power utilization. The problem is formulated as a two-stage stochastic price-based unit commitment problem with chance constraints to ensure wind power utilization. In our model, the first stage decision includes unit commitment and quantity of electricity submitted to the day-ahead market. The second stage decision includes generation dispatch, actual usage of wind power, and amount of energy imbalance between the day-ahead and real-time markets. The chance constraint is applied to ensure a certain percentage of wind power utilization so as to comply with renewable energy utilization regulations. Finally, a sample average approximation (SAA) approach is applied to solve the problem, and the computational results are reported for the proposed SAA algorithm showing the sensitivity of the total profit as the requirement of wind power utilization changes.