Distributions in competitive bidding

Distributions in competitive bidding

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Article ID: iaor19911811
Country: United Kingdom
Volume: 42
Issue: 2
Start Page Number: 151
End Page Number: 155
Publication Date: Feb 1991
Journal: Journal of the Operational Research Society
Authors: ,
Abstract:

Analyses of historical tendering data for a company selling concrete farm buildings have called into question the usual assumption of normality or lognormality for the probability distribution. The desirability of modelling individual competitors’ strategies is reinforced. Complex problems of parameter estimation and testing have been overcome by adopting a likelihood approach, with values examined for plausibility.

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