Bid Spread: an analysis of Hong Kong data
Skitmore, Martin, Drew, Derek S. , & Ngai, Stephen C. (2000) Bid Spread: an analysis of Hong Kong data. In Serpell, A. (Ed.) Information and Communication in Construction Procurement, the International Council for Building Research Studies and Documentation (CIB) W-92 Procurement System Symposium, Santiago, Chile.
Analysis of the difference between the lowest and second lowest bids, or bid-spread, in a ‘lowest wins’ auction is of possible value in strategic bidding; providing an indication of mistakes in bids; determining a justifiable amount of bid security; and a means of providing some insight into the consequences of non-traditional auction arrangements. Bid-spread analysis, as developed in this paper, provides some explanations concerning the nature of bids and their statistical properties. In particular, it is shown here that, through the analysis of a data set of Hong Kong bidding data, that the bid-spread is directly (lineally) proportional to the contract size value. The percentage bid-spread is found to be a function of the number of bidders and the lower order statistics of the uniform density function.
Impact and interest:
Citation countsare sourced monthly fromand citation databases.
These databases contain citations from different subsets of available publications and different time periods and thus the citation count from each is usually different. Some works are not in either database and no count is displayed. Scopus includes citations from articles published in 1996 onwards, and Web of Science® generally from 1980 onwards.
Citations counts from theindexing service can be viewed at the linked Google Scholar™ search.
Full-text downloadsdisplays the total number of times this work’s files (e.g., a PDF) have been downloaded from QUT ePrints as well as the number of downloads in the previous 365 days. The count includes downloads for all files if a work has more than one.
|Item Type:||Conference Paper|
|Keywords:||Bidding, tendering, spread, money left on the table, Vickrey Auction, statistical models|
|Subjects:||Australian and New Zealand Standard Research Classification > BUILT ENVIRONMENT AND DESIGN (120000) > BUILDING (120200) > Quantity Surveying (120203)|
|Divisions:||Past > QUT Faculties & Divisions > Faculty of Built Environment and Engineering|
|Copyright Owner:||Copyright 2000 (please consult author)|
|Deposited On:||19 Jun 2006|
|Last Modified:||10 Aug 2011 23:55|
Repository Staff Only: item control page