Generalised gamma bidding model

Generalised gamma bidding model

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Article ID: iaor20135464
Volume: 65
Issue: 1
Start Page Number: 97
End Page Number: 107
Publication Date: Jan 2014
Journal: Journal of the Operational Research Society
Authors:
Keywords: gamma process
Abstract:

A generalised gamma bidding model is presented, which incorporates many previous models. The log likelihood equations are provided. Using a new method of testing, variants of the model are fitted to some real data for construction contract auctions to find the best fitting models for groupings of bidders. The results are examined for simplifying assumptions, including all those in the main literature. These indicate no one model to be best for all datasets. However, some models do appear to perform significantly better than others and it is suggested that future research would benefit from a closer examination of these.

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