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On Optimal Bidding Strategies

Author

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  • Pertti Näykki

    (Systek Oy, Helsinki, Finland)

Abstract

This paper determines the optimal bid price for a fine bidding against several other firms, when each firm estimates its own cost and the cost estimates of the prices of other firms. Game theoretic and decision theoretic approaches are compared.

Suggested Citation

  • Pertti Näykki, 1976. "On Optimal Bidding Strategies," Management Science, INFORMS, vol. 23(2), pages 198-203, October.
  • Handle: RePEc:inm:ormnsc:v:23:y:1976:i:2:p:198-203
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    File URL: http://dx.doi.org/10.1287/mnsc.23.2.198
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    References listed on IDEAS

    as
    1. Jacob A. Mincer & Victor Zarnowitz, 1969. "The Evaluation of Economic Forecasts," NBER Chapters,in: Economic Forecasts and Expectations: Analysis of Forecasting Behavior and Performance, pages 3-46 National Bureau of Economic Research, Inc.
    2. N/A, 1962. "Summary," National Institute Economic Review, National Institute of Economic and Social Research, vol. 19(1), pages 3-3, February.
    3. N/A, 1962. "Summary," National Institute Economic Review, National Institute of Economic and Social Research, vol. 20(1), pages 3-3, May.
    4. N/A, 1962. "Summary," National Institute Economic Review, National Institute of Economic and Social Research, vol. 21(1), pages 3-3, August.
    5. J. G. Cragg & Burton G. Malkiel, 1968. "The Consensus And Accuracy Of Some Predictions Of The Growth Of Corporate Earnings," Journal of Finance, American Finance Association, vol. 23(1), pages 67-84, March.
    6. N/A, 1962. "Summary," National Institute Economic Review, National Institute of Economic and Social Research, vol. 22(1), pages 3-3, November.
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    Cited by:

    1. Lorentziadis, Panos L., 2012. "Optimal bidding in auctions of mixed populations of bidders," European Journal of Operational Research, Elsevier, vol. 217(3), pages 653-663.

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