A Computational Algorithm for Multi-Contract Bidding Under Constraints

David Goodman and Hans Baurmeister
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David Goodman: Southern Methodist University
Hans Baurmeister: ESB, Inc., Philadelphia

Management Science, 1976, vol. 22, issue 7, 788-798

Abstract: This paper considers a multi-contract bidding situation in which the contracts are interrelated because of limited productive facilities and because of budgetary constraints. A dynamic programming model and computational algorithm are presented which derive a bidding strategy which maximizes total expected return from all contracts subject to the constraints. The computational algorithm is efficient in terms of storage capacity required and computation time.

Date: 1976
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Persistent link: https://EconPapers.repec.org/RePEc:inm:ormnsc:v:22:y:1976:i:7:p:788-798

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