Topic
Procurement
About: Procurement is a research topic. Over the lifetime, 25669 publications have been published within this topic receiving 334145 citations.
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13 May 2013
TL;DR: This paper designs a novel, no-regret posted price mechanism, BP-UCB, for budgeted procurement in stochastic online settings and proves strong theoretical guarantees about the mechanism, and extensively evaluate it in simulations as well as on real data from the Mechanical Turk platform.
Abstract: What price should be offered to a worker for a task in an online labor market? How can one enable workers to express the amount they desire to receive for the task completion? Designing optimal pricing policies and determining the right monetary incentives is central to maximizing requester's utility and workers' profits. Yet, current crowdsourcing platforms only offer a limited capability to the requester in designing the pricing policies and often rules of thumb are used to price tasks. This limitation could result in inefficient use of the requester's budget or workers becoming disinterested in the task. In this paper, we address these questions and present mechanisms using the approach of regret minimization in online learning. We exploit a link between procurement auctions and multi-armed bandits to design mechanisms that are budget feasible, achieve near-optimal utility for the requester, are incentive compatible (truthful) for workers and make minimal assumptions about the distribution of workers' true costs. Our main contribution is a novel, no-regret posted price mechanism, BP-UCB, for budgeted procurement in stochastic online settings. We prove strong theoretical guarantees about our mechanism, and extensively evaluate it in simulations as well as on real data from the Mechanical Turk platform. Compared to the state of the art, our approach leads to a 180% increase in utility.
309 citations
01 Jan 1992
TL;DR: In this article, the concept and evolution of Procurement systems are discussed and future trends in project procurement are discussed. But the focus is on the project implementation process and the selection of building procurement systems.
Abstract: Acknowledgements Preface Introduction List of Figures and Tables Chapter 1 The Project Implementation Process Chapter 2 Clients of the Construction Industry Chapter 3 The Concept and Evolution of Procurement Systems Chapter 4 Separated Procurement Systems Chapter 5 Integrated Procurement Systems Chapter 6 Management Orientated Procurement Systems Chapter 7 Discretionary Procurement Systems Chapter 8 Common Variants of Procurement Systems Chapter 9 The Selection of Building Procurement Systems Chapter 10 Successful Building Procurement System Selection Chapter 11 Future Trends in Project Procurement Index
309 citations
TL;DR: Wang et al. as discussed by the authors established a risk significance index to show the relative significance among the risks associated with the joint ventures in the Chinese construction procurement practice, and investigated practical applications of risk management in the business of joint ventures.
Abstract: The construction industry in China is developing toward the international procurement practice, and such development has attracted many foreign firms into the Chinese construction market through the formation of Sino-foreign joint ventures. Joint venture has become an important sector in the Chinese construction industry. However, the difference in management systems, technological practice, and cultural background among the partners within joint ventures brings difficulties to the function of joint venture. A significant degree of risk is involved in joint venture investments. Thus, foreign firms increasingly intend to spend more effort in studying proper strategies of managing risks in their joint venture businesses. Based on a survey, this paper establishes a risk significance index to show the relative significance among the risks associated with the joint ventures in the Chinese construction procurement practice. Real cases are examined to show the risk environment faced by joint ventures. The paper also investigates practical applications of risk management in the business of joint ventures.
306 citations
eBay1
TL;DR: The authors showed that renegotiation imposes significant adaptation costs and reduced form regressions suggest that bidders respond strategically to contractual incompleteness and that adaptation costs are an important determinant of their bids.
Abstract: Procurement contracts are often renegotiated because of changes that are required after their execution Using highway paving contracts we show that renegotiation imposes significant adaptation costs Reduced form regressions suggest that bidders respond strategically to contractual incompleteness and that adaptation costs are an important determinant of their bids A structural empirical model compares adaptation costs to bidder markups and shows that adaptation costs account for 75–14 percent of the winning bid Markups from private information and market power, the focus of much of the auctions literature, are much smaller by comparison Implications for government procurement are discussed (JEL D44, D82, D86, H57, L13, L74, R42)
305 citations
TL;DR: In this article, the authors show that industrial vendors must determine who participates in an organizational purchase decision and what their influence is, and present a method to determine who participated in the decision making process.
Abstract: To successfully market their products, industrial vendors must determine who participates in an organizational purchase decision and what their influence is. Previous research has shown that partic...
304 citations