Bidding Models: Truths and Comments

by Michael Fuerst, Formerly, Graduate Student; Dept. of Civ. Engrg., Northwestern Univ., Evanston, Ill.,

Serial Information: Journal of the Construction Division, 1976, Vol. 102, Issue 1, Pg. 169-177

Document Type: Journal Paper


A carefully worked example is presented to illustrate the correct interpretation and limitations of the equation first presented by Gates for determining the probability of winning a letting. This is followed by a critical analysis of the problems of and alternatives available for the incorporation into bidding models of the inherent uncertainties of the competitive environment. Finally, some guidelines for using and developing bidding models are given.

Subject Headings: Bids | Probability | Uncertainty principles

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