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Generalised gamma bidding model

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  • M Skitmore

    (Queensland University of Technology, Queensland, Australia)

Abstract

A generalised gamma bidding model is presented, which incorporates many previous models. The log likelihood equations are provided. Using a new method of testing, variants of the model are fitted to some real data for construction contract auctions to find the best fitting models for groupings of bidders. The results are examined for simplifying assumptions, including all those in the main literature. These indicate no one model to be best for all datasets. However, some models do appear to perform significantly better than others and it is suggested that future research would benefit from a closer examination of these.

Suggested Citation

  • M Skitmore, 2014. "Generalised gamma bidding model," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 65(1), pages 97-107, January.
    • Handle: RePEc:pal:jorsoc:v:65:y:2014:i:1:p:97-107
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    Cited by:

    1. Lorentziadis, Panos L., 2016. "Optimal bidding in auctions from a game theory perspective," European Journal of Operational Research, Elsevier, vol. 248(2), pages 347-371.
    2. Haitian Xie, 2020. "Finite-Sample Average Bid Auction," Papers 2008.10217, arXiv.org, revised Feb 2022.

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