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Competitive bidding -- The probability of winning

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  • Dixie, JM

Abstract

A company bidding by sealed tender needs to know the relationship between their bid price and their chances of winning the contract. Previously published models for computing the probability of winning are examined and found to be inaccurate. The problem is reformulated, and a new general predictive model for computing the probability of winning is developed. The method of computation is illustrated by a simple worked example.

Suggested Citation

  • Dixie, JM, 1974. "Competitive bidding -- The probability of winning," Omega, Elsevier, vol. 2(3), pages 415-419, June.
    • Handle: RePEc:eee:jomega:v:2:y:1974:i:3:p:415-419
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    Cited by:

    1. Dutta, Goutam & Natesan, Sumeetha R., 2016. "Optimization of Customized Pricing with Multiple Overlapping Competing Bids," IIMA Working Papers WP2016-11-02, Indian Institute of Management Ahmedabad, Research and Publication Department.

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