A theoretical framework for determining the minimum number of bidders in construction bidding competitions
AbstractA theoretical framework is proposed for determining the minimum number of bidders in competition for projects in the construction industry. This is based on the neo-classical micro-economic theory for price determination in construction and the assumption of random contractor-selection. Empirical analysis of the Hong Kong data set not only illustrates the applicability of the framework, but also supports the relevance of the microeconomic model for construction price determination. The main implication for clients is that, in order to obtain the most competitive bids for projects in the most cost-efficient way, they should vary the minimum number of bidders in competition according to market conditions.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Construction Management and Economics.
Volume (Year): 20 (2002)
Issue (Month): 6 ()
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Web page: http://www.tandfonline.com/RCME20
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- Perman, Roger & Scouller, John, 1999. "Business Economics," OUP Catalogue, Oxford University Press, number 9780198775249.
- Samuelson, William F., 1985. "Competitive bidding with entry costs," Economics Letters, Elsevier, vol. 17(1-2), pages 53-57.
- Remer, Donald S. & Buchanan, Harry R., 2000. "Estimating the cost for doing a cost estimate," International Journal of Production Economics, Elsevier, vol. 66(2), pages 101-104, June.
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