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: This paper found that the returns to bidding shareholders are lower when their firm diversifies, when it buys a rapidly growing target, and when the performance of its managers has been poor before the acquisition.
Abstract: This paper documents for a sample of 327 US acquisitions between 1975 and 1987 three forces that systematically reduce the announcement day return of bidding firms. The returns to bidding shareholders are lower when their firm diversifies, when it buys a rapidly growing target , and when the performance of its managers has been poor before the acquisition. These results are consistent with the proposition that managerial rather than shareholders' objectives drive bad acquisitions.
166 citations
TL;DR: In this paper, a sequential sealed-bid and sealed-offer auction is applied to the pricing of electric power by using linear programming, which is a market-based approach for electric power pricing.
Abstract: The expected move to a market-based electric power industry will significantly change electric utility operations. These changes will fundamentally alter the pricing of electric power. How this pricing will be accomplished is a key issue. Traditionally, embedded cost based methods have been used. Spot-pricing has received attention as a possible approach in a market-based electric power environment. Another market-based approach is the use of auctions. This paper presents the application of a sequential sealed-bid and sealed-offer auction to the pricing of electric power by using linear programming. >
165 citations
TL;DR: A novel bidding strategy that autonomous trading agents can use to participate in Continuous Double Auctions (CDAs) that is based on both short and long-term learning that allows such agents to adapt their bidding behaviour to be efficient in a wide variety of environments.
165 citations
TL;DR: In this article, the authors collected a list of determining factors from the results of past research and opinions of six experienced practitioners in competitive bidding, and established a bid reasoning model to go deeply into the bid decision process.
Abstract: The bidding decision is a complex problem affected by numerous factors. The current study collected a list of determining factors from the results of past research and opinions of six experienced practitioners in competitive bidding. Based on these factors, a bid reasoning model was established to go deeply into the bid decision process. Differing from other earlier work, this model-oriented study focuses on the effects of the determining factors on four reasoning subgoals: competition, risk, company's position in bidding, and need for work. Their different contributions to each reasoning subgoal were reviewed under three main construction procurement methods, namely, unit rate contract, lump sum contract, and design/build contract. The Analytic Hierarchy Process technique was applied in this study. A survey questionnaire was developed with four hierarchies being formulated respectively for the four reasoning subgoals. The survey was conducted in two steps, the pilot survey among the six experienced pract...
165 citations
TL;DR: The willingness-to-pay (WTP) for a proposed community-based health insurance (CBI) scheme is studied in order to provide information about the relationship between the premium that is required to cover the costs of the scheme and expected insurance enrollment levels.
Abstract: PURPOSE: To study the willingness-to-pay (WTP) for a proposed community-based health insurance (CBI) scheme in order to provide information about the relationship between the premium that is required to cover the costs of the scheme and expected insurance enrollment levels. In addition, factors that influence WTP were to be identified. METHODS: Data were collected from a household survey using a two-stage cluster sampling approach, with each household having the same probability of being selected. Interviews were conducted with 2414 individuals and 705 household heads. The take-it-or-leave-it (TIOLI) and the bidding game were used to elicit WTP. RESULTS: The average individual was willing to pay 2384 (elicited by the TIOLI) or 3191 (elicited by the bidding game) CFA (3.17 US dollars or 4.25 US dollars) to join CBI for him/herself. The head of household agreed to pay from 6448 (elicited by the TIOLI) or 9769 (elicited by the bidding game) CFA (8.6 US dollars or 13.03 US dollars) to join the health insurance scheme for his/her household. These results were influenced by household and individual ability-to-pay, household and individual characteristics, such as age, sex and education. The two methods yielded similar patterns of estimated WTP, in that higher WTP was obtained for higher income level, higher previous medical expenditure, higher education, younger people and males. A starting point bias was found in the case of the bidding game. CONCLUSIONS: Both TIOLI and bidding game methods can elicit a value of WTP for CBI. The value elicited by the bidding game is higher than by the TIOLI, but the two approaches yielded similar patterns of estimated WTP. WTP information can be used for setting insurance premium. When setting the premiums, it is important to consider differences between the real market and the theoretical one, and between the WTP and the cost of benefits package. The beneficiaries of CBI should be enrolled at the level of households or villages in order to protect vulnerable groups such as women, elders and the poor.
165 citations