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Bidding Task Characteristics Influence on the Bidders’ Risk Attitude

In: Liss 2014

Author

Listed:
  • Chunmei Wang

    (Tianjin University)

  • Rui Zhuo

    (Tianjin University)

  • Bingbing Xu

    (Tianjin University)

Abstract

We select the staff from the top ten construction enterprises of China who have ever involved in the bidding as the subjects in an experiment. In the experiment, the subjects are required to bid for a domestic engineering project in order to investigate the impact of the magnitude of probability of winning and the magnitude of outcome on the bidders’ risk attitudes. Results show that, for Chinese bidders, no matter gain situations or loss situations, they are risk seeking in the domain of high winning probability. The bidders are risk seeking in the domain of small probability of gain whereas they are risk averse in the domain of small probability of loss. This conclusion is not consistent with Prospect Theory. At the same time, different magnitudes of probability of winning and magnitudes of outcome have different impacts toward the risk attitude.

Suggested Citation

  • Chunmei Wang & Rui Zhuo & Bingbing Xu, 2015. "Bidding Task Characteristics Influence on the Bidders’ Risk Attitude," Springer Books, in: Zhenji Zhang & Zuojun Max Shen & Juliang Zhang & Runtong Zhang (ed.), Liss 2014, edition 127, pages 753-758, Springer.
    • Handle: RePEc:spr:sprchp:978-3-662-43871-8_108
    DOI: 10.1007/978-3-662-43871-8_108
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