Bid-SpreadSource: Journal of Construction Engineering and Management:;2001:;Volume ( 127 ):;issue: 002DOI: 10.1061/(ASCE)0733-9364(2001)127:2(149)Publisher: American Society of Civil Engineers
Abstract: Analysis of the difference between the lowest and second lowest bids, or bid-spread, in a “lowest wins” auction is of possible value in strategic bidding, providing an indication of mistakes in bids, determining a justifiable amount of bid security, and a means of providing some insight into the consequences of nontraditional auction arrangements. Bid-spread analysis, as developed in this paper, provides some explanations concerning the nature of bids and their statistical properties. In particular, it is shown here that, through the analysis of several data sets originating in various parts of the world, the percentage bid-spread is consistent with the assumption that bids are entirely random, being drawn from a lognormal distribution.
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contributor author | Martin Skitmore | |
contributor author | Derek Drew | |
contributor author | Stephen Ngai | |
date accessioned | 2017-05-08T20:32:41Z | |
date available | 2017-05-08T20:32:41Z | |
date copyright | April 2001 | |
date issued | 2001 | |
identifier other | %28asce%290733-9364%282001%29127%3A2%28149%29.pdf | |
identifier uri | http://yetl.yabesh.ir/yetl/handle/yetl/19143 | |
description abstract | Analysis of the difference between the lowest and second lowest bids, or bid-spread, in a “lowest wins” auction is of possible value in strategic bidding, providing an indication of mistakes in bids, determining a justifiable amount of bid security, and a means of providing some insight into the consequences of nontraditional auction arrangements. Bid-spread analysis, as developed in this paper, provides some explanations concerning the nature of bids and their statistical properties. In particular, it is shown here that, through the analysis of several data sets originating in various parts of the world, the percentage bid-spread is consistent with the assumption that bids are entirely random, being drawn from a lognormal distribution. | |
publisher | American Society of Civil Engineers | |
title | Bid-Spread | |
type | Journal Paper | |
journal volume | 127 | |
journal issue | 2 | |
journal title | Journal of Construction Engineering and Management | |
identifier doi | 10.1061/(ASCE)0733-9364(2001)127:2(149) | |
tree | Journal of Construction Engineering and Management:;2001:;Volume ( 127 ):;issue: 002 | |
contenttype | Fulltext |