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A Computational Algorithm for Multi-Contract Bidding Under Constraints

Author

Listed:
  • David Goodman

    (Southern Methodist University)

  • Hans Baurmeister

    (ESB, Inc., Philadelphia)

Abstract

This paper considers a multi-contract bidding situation in which the contracts are interrelated because of limited productive facilities and because of budgetary constraints. A dynamic programming model and computational algorithm are presented which derive a bidding strategy which maximizes total expected return from all contracts subject to the constraints. The computational algorithm is efficient in terms of storage capacity required and computation time.

Suggested Citation

  • David Goodman & Hans Baurmeister, 1976. "A Computational Algorithm for Multi-Contract Bidding Under Constraints," Management Science, INFORMS, vol. 22(7), pages 788-798, March.
    • Handle: RePEc:inm:ormnsc:v:22:y:1976:i:7:p:788-798
    DOI: 10.1287/mnsc.22.7.788
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