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Tendering theory revisited

Runeson, Goran & Skitmore, Martin (1999) Tendering theory revisited. Construction Management and Economics, 17(3), pp. 285-296.

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Abstract

This paper discusses the content, origin and development of Tendering Theory as a theory of price determination. It demonstrates how tendering theory determines market prices and how it is different from game and decision theories, and that in the tendering process, with non-cooperative, simultaneous, single sealed bids with individual private valuations, extensive public information, a large number of bidders and a long sequence of tendering occasions, there develops a competitive equilibrium.

The development of a competitive equilibrium means that the concept of the tender as the sum of a valuation and a strategy, which is at the core of tendering theory, cannot be supported and that there are serious empirical, theoretical and methodological inconsistencies in the theory.

Impact and interest:

37 citations in Scopus
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ID Code: 39944
Item Type: Journal Article
Keywords: Tendering Theory, Competitive Tendering, Price Determination
DOI: 10.1080/014461999371493
ISSN: 0144-6193
Subjects: Australian and New Zealand Standard Research Classification > BUILT ENVIRONMENT AND DESIGN (120000) > BUILDING (120200)
Divisions: Past > QUT Faculties & Divisions > Faculty of Built Environment and Engineering
Past > Schools > School of Urban Development
Copyright Owner: Copyright 1999 Routlege.
Deposited On: 09 Feb 2011 13:00
Last Modified: 23 Jun 2011 00:10

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