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Some Multi-Contract Decision-Theoretic Competitive Bidding Models

Author

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  • Robert M. Stark

    (University of Delaware, Newark, Delaware)

  • Robert H. Mayer

    (University of Delaware, Newark, Delaware)

Abstract

This paper reviews the principal public literature concerned with expected-profit decision-theoretic closed-competitive-bidding models. It makes extensions of previous formulations for static multi-contract bidding situations with and without cost dependencies and resource constraints. The same decision model is reformulated to utilize numerical, Lagrange-multiplier, dynamic, and integer linear programming techniques according to the information available to the bidder. A zero-one integer programming formulation is well suited to utilize subjective probabilities of winning estimates. Finally, the paper suggests a format for further development.

Suggested Citation

  • Robert M. Stark & Robert H. Mayer, 1971. "Some Multi-Contract Decision-Theoretic Competitive Bidding Models," Operations Research, INFORMS, vol. 19(2), pages 469-483, April.
    • Handle: RePEc:inm:oropre:v:19:y:1971:i:2:p:469-483
    DOI: 10.1287/opre.19.2.469
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    Cited by:

    1. Fanzeres, Bruno & Ahmed, Shabbir & Street, Alexandre, 2019. "Robust strategic bidding in auction-based markets," European Journal of Operational Research, Elsevier, vol. 272(3), pages 1158-1172.
    2. Jean-Jacques Laffont, 1998. "Théorie des jeux et économie empirique : le cas des données issues d'enchères," Économie et Prévision, Programme National Persée, vol. 132(1), pages 121-137.
    3. Muñoz, Juan Carlos & Molina, Diego, 2009. "A multi-unit tender award process: The case of Transantiago," European Journal of Operational Research, Elsevier, vol. 197(1), pages 307-311, August.

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