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The simple economics of bid criteria

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  • Mingxi Wang
  • Shulin Liu
  • Shouyang Wang

Abstract

Bid criteria are of prime importance to bidders because they are the basis for the bidders to select bid price or bid mark-up. This article presents the alternative expressions of the bid criteria of the conditional negative and positive profit ratios proposed by Seydel and Olson (1990) and Lai et al. (2002), respectively, and interprets them in the traditional demand and supply theory. It is found that there is a 'frontier' bid mark-up if the bidders adopt the conditional profit ratio as their sole bid criterion.

Suggested Citation

  • Mingxi Wang & Shulin Liu & Shouyang Wang, 2011. "The simple economics of bid criteria," Applied Economics Letters, Taylor & Francis Journals, vol. 18(6), pages 591-594.
  • Handle: RePEc:taf:apeclt:v:18:y:2011:i:6:p:591-594 DOI: 10.1080/13504851003761731
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    5. M. I. Kamien & E. Muller, 1976. "Optimal Control with Integral State Equations," Review of Economic Studies, Oxford University Press, vol. 43(3), pages 469-473.
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    Cited by:

    1. Margherita Comola & Mariapia Mendola, 2013. "The Formation of Migrant Networks," Development Working Papers 353, Centro Studi Luca d'Agliano, University of Milano.

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