A theoretical framework for determining the minimum number of bidders in construction bidding competitions
Ngai, Stephen C., Drew, Derek S. , Lo, Hing Po, & Skitmore, Martin (2002) A theoretical framework for determining the minimum number of bidders in construction bidding competitions. Construction Management and Economics, 20(6), pp. 473-482.
A theoretical framework for determining the minimum number of bidders in competition for projects in the construction industry is proposed. This is based on the neo-classical micro-economic theory for price determination in construction and the assumption of random contractor-selection. Empirical analysis of the Hong Kong data set not only illustrates the applicability of the framework, but also supports the relevance of the microeconomic model for construction price determination. The main implication for clients is that, in order to obtain the most competitive bids for projects in the most cost efficient way, they should vary the minimum number of bidders in competition according to market conditions.
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|Item Type:||Journal Article|
|Keywords:||Construction price determination, tendering theory, construction economics, number of bidders|
|Subjects:||Australian and New Zealand Standard Research Classification > BUILT ENVIRONMENT AND DESIGN (120000) > BUILDING (120200) > Quantity Surveying (120203)|
Australian and New Zealand Standard Research Classification > BUILT ENVIRONMENT AND DESIGN (120000) > BUILDING (120200) > Building Construction Management and Project Planning (120201)
|Divisions:||Past > QUT Faculties & Divisions > Faculty of Built Environment and Engineering|
|Copyright Owner:||Copyright 2002 Taylor & Francis|
|Copyright Statement:||First published in Construction Management and Economics 20(6):pp. 473-482.|
|Deposited On:||20 Jul 2006|
|Last Modified:||10 Aug 2011 23:55|
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