The Probability of Being the Lowest Bidder

M. S. Mitchell

Journal of the Royal Statistical Society Series C, 1977, vol. 26, issue 2, 191-194

Abstract: In a closed auction it is often possible by examination of past data to estimate the probability p of bidding lower than a single competitor. to estimate the probability of bidding lower than all competitors two different formulae have been suggested, each based on the value of p. In this paper a simple model of a bidding process is formulated and the efficacy of these formulae is tested.

Date: 1977
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