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    Bid-Spread

    Source: Journal of Construction Engineering and Management:;2001:;Volume ( 127 ):;issue: 002
    Author:
    Martin Skitmore
    ,
    Derek Drew
    ,
    Stephen Ngai
    DOI: 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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      Bid-Spread

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    contributor authorMartin Skitmore
    contributor authorDerek Drew
    contributor authorStephen Ngai
    date accessioned2017-05-08T20:32:41Z
    date available2017-05-08T20:32:41Z
    date copyrightApril 2001
    date issued2001
    identifier other%28asce%290733-9364%282001%29127%3A2%28149%29.pdf
    identifier urihttp://yetl.yabesh.ir/yetl/handle/yetl/19143
    description abstractAnalysis 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.
    publisherAmerican Society of Civil Engineers
    titleBid-Spread
    typeJournal Paper
    journal volume127
    journal issue2
    journal titleJournal of Construction Engineering and Management
    identifier doi10.1061/(ASCE)0733-9364(2001)127:2(149)
    treeJournal of Construction Engineering and Management:;2001:;Volume ( 127 ):;issue: 002
    contenttypeFulltext
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