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Abdel-Wahab, M and Vogl, B (2011) Trends of productivity growth in the construction industry across Europe, US and Japan. Construction Management and Economics, 29(06), 635–44.
Camilleri, M, Jaques, R and Isaacs, N (2001) Impacts of climate change on building performance in New Zealand. Building Research & Information, 29(06), 430–50.
Chi, C S F and Nicole Javernick‐Will, A (2011) Institutional effects on project arrangement: high‐speed rail projects in China and Taiwan. Construction Management and Economics, 29(06), 595–611.
Edwards, D J (2001) Predicting construction plant maintenance expenditure. Building Research & Information, 29(06), 417–27.
Gambatese, J A and Hallowell, M (2011) Enabling and measuring innovation in the construction industry. Construction Management and Economics, 29(06), 553–67.
Gundes, S (2011) Input structure of the construction industry: a cross‐country analysis, 1968–90. Construction Management and Economics, 29(06), 613–21.
Hartono, B and Yap, C M (2011) Understanding risky bidding: a prospect‐contingent perspective. Construction Management and Economics, 29(06), 579–93.
- Type: Journal Article
- Keywords: bidding; mark-up; contingency; cluster analysis; prospect theory
- ISBN/ISSN: 0144-6193
- URL: https://doi.org/10.1080/01446193.2011.569733
- Abstract:
A descriptive research school of thought provides the context for an examination of contractors? risky bid mark-up decisions in a competitive bidding setting. Grounded in prospect theory and the one?reason decision model, a contingency?based theoretical model was developed to explain and to predict bid mark?up decisions in light of four identified determinants, namely: perceived ?rate of returns?, ?revenues?, ?project backlogs? and ?project strategic importance?. Three scenarios according to this model were verified by means of a self?administered survey in the Singapore construction industry. By using cluster analysis, five groups of bidders with distinctive bid profiles were identified and the associated bid mark?ups were calculated. The emerging groups provide an empirical illustration on how the theoretical model is utilized. For instance, one group of bidders (n = 16) demonstrates a scenario of the model in which participating bidders had considered the reported project bid as having high strategic importance to their organizations and hence made aggressive, low bid mark?ups. The theoretically grounded framework could be used by contractors to improve their own bidding strategy in anticipating the likely behaviour of the competitors.
Murray, B and Smyth, H (2011) Franchising in the US remodelling market: growth opportunities and barriers faced by general contractors. Construction Management and Economics, 29(06), 623–34.
Scheublin, F J M (2001) Project alliance contract in The Netherlands. Building Research & Information, 29(06), 451–5.
Westberg, K, Noren, J and Kus, H (2001) On using available environmental data in service life estimates. Building Research & Information, 29(06), 428–39.
Zhang, H, Xing, F and Liu, J (2011) Rehabilitation decision-making for buildings in the Wenchuan area. Construction Management and Economics, 29(06), 569–78.