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.

The 2001 Trading Agent Competition

Abstract: The 2001 Trading Agent Competition was the second in a series of events aiming to shed light on research issues in automating trading strategies. Based on a challenging market scenario in the domain of travel shopping, the competition presents agents with difficult issues in bidding strategy, market prediction and resource allocation. Entrants in 2001 demonstrated substantial progress over the prior year, with the overall level of competence exhibited suggesting that trading in online markets is a viable domain for highly autonomous agents.

The Industrial Purchasing Decision as a Political Process

Abstract: Reports on an empirical study of the decision to purchase computers in a single firm. States it is a competitive bidding situation with several suppliers attempting to win a contract that eventually reached £3.5 million pounds. Illustrates how the politics of the firm can influence significant purchase decisions and, in particular, how gatekeepers within the firm's buying centre can structure the outcome of purchase decision in line with their position in the political process. Bases the study on a large organisation in England, in the period 1957–1968, with regard to four computer purchase decisions. Concludes that it is clear that the computer suppliers had differential access to the firm's power structure and it was also evident they had differential knowledge of its operation.

Short-term operational planning framework for virtual power plants with high renewable penetrations

Abstract: This study proposes a two-stage operational planning framework for the short-term operation of the virtual power plant (VPP). In the first stage, a stochastic bidding model is proposed for the VPP to optimise the bids in the energy market, with the objective to maximise its expected economic profit. The imbalance costs of the VPP are considered in the bidding model. In the second stage, a model predictive control (MPC)-based dispatch model is proposed to optimise the real-time control actions. In the real-time dispatch model, the real-time information of the resources is continuously updated, and the deviations between the actual energy output and the contracted energy over the MPC control horizon are minimised. The simulation results prove the efficiencies of the proposed method.

Risk and Price in the Bidding Process of Contractors

Abstract: Formal and analytical risk models prescribe how risk should be incorporated into construction bids. However, the actual process of how contractors and their clients negotiate and agree to price is complex and not clearly articulated in the literature. With participant observation, the entire tender process was shadowed in two leading U.K. construction firms. This was compared with propositions in analytical models, and significant differences were found. A total of 670 h of work observed in both firms revealed three stages of the bidding process. Bidding activities were categorized and their extent estimated as deskwork (32%), calculations (19%), meetings (14%), documents (13%), off-days (11%), conversations (7%), correspondence (3%), and travel (1%). Risk allowances of 1–2% were priced in some bids, and three tiers of risk apportionment in bids were identified. However, priced risks may be excluded from the final bid to enhance competitiveness. Although risk apportionment affects a contractor’s pricing s...

Strategic Bidding and Compensation Mechanism for a Load Aggregator With Direct Thermostat Control Capabilities

Abstract: This paper proposes bidding strategies and compensation mechanisms for a load aggregator (LA) that implements the direct thermostat control (DTC) program. By joining the DTC program, residential consumers allow their house temperature to vary within pre-specified zones at pre-specified hours and be controlled by the LA. They also receive compensation from the LA. The heating/cooling (H/C) load control model is integrated into a two-stage bidding framework. Demand-price bidding curves are derived for the day-ahead market to address price uncertainties. Demand-only bids are derived for the real-time (RT) market. The flexibility of H/C loads is exploited in RT to address uncertainties in thermal-related house characteristics as well as uncertainties in weather and non-H/C load. Two compensation policies are proposed and compared. A case study verifies the proposed method.