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Ballesteros-Pérez, P and Skitmore, M (2016) Estimating the number of new and repeated bidders in construction auctions. Construction Management and Economics, 34(12), 919-34.
- Type: Journal Article
- Keywords: tendering; multinomial; bidding; new bidders; modelling; forecasting; auctions; bids
- ISBN/ISSN: 0144-6193
- URL: https://doi.org/10.1080/01446193.2016.1231408
- Abstract:
The number of new bidders - bidders from whom there is no previous registered participation - is an important variable in most bid tender forecasting models, since the unknown competitive profile of the former strongly limits the predictive accuracy of the latter. Analogously, when a bidder considers entering a bid or when an auctioneer is handling a procurement auction, assessing the likely proportion of experienced bidders is considered an important aspect, as some strategic decisions or even the awarding criteria might differ. However, estimating the number of bidders in a future auction that have not submitted a single bid yet is difficult, since there is no data at all linking their potential participation, an essential requirement for the implementation of any forecasting or estimation method. A practical approach is derived for determining the expected proportion of new bidders to frequent bidders as a function of the population of potential bidders. A multinomial model useful for selective and Open tendering is proposed and its performance is validated with a dataset of actual construction auctions. Final remarks concern the valuable information provided by the model to an enduring unsolved bidding problem and the prospects for new research continuations.;The number of new bidders - bidders from whom there is no previous registered participation - is an important variable in most bid tender forecasting models, since the unknown competitive profile of the former strongly limits the predictive accuracy of the latter. Analogously, when a bidder considers entering a bid or when an auctioneer is handling a procurement auction, assessing the likely proportion of experienced bidders is considered an important aspect, as some strategic decisions or even the awarding criteria might differ. However, estimating the number of bidders in a future auction that have not submitted a single bid yet is difficult, since there is no data at all linking their potential participation, an essential requirement for the implementation of any forecasting or estimation method. A practical approach is derived for determining the expected proportion of new bidders to frequent bidders as a function of the population of potential bidders. A multinomial model useful for selective and Open tendering is proposed and its performance is validated with a dataset of actual construction auctions. Final remarks concern the valuable information provided by the model to an enduring unsolved bidding problem and the prospects for new research continuations.;
Bragadin, M A and Kähkönen, K (2016) Schedule health assessment of construction projects. Construction Management and Economics, 34(12), 875-97.
Fiolet, J-C, Haas, C and Hipel, K (2016) Risk-chasing behaviour in on-site construction decisions. Construction Management and Economics, 34(12), 845-58.
Pala, M, Edum-Fotwe, F, Ruikar, K, Peters, C and Doughty, N (2016) Implementing commercial information exchange: A construction supply chain case study. Construction Management and Economics, 34(12), 898-918.
Wang, J, Shou, W, Wang, X and Wu, P (2016) Developing and evaluating a framework of total constraint management for improving workflow in liquefied natural gas construction. Construction Management and Economics, 34(12), 859-74.