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: | King M., Mercer A. |
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.