Some Multi-Contract Decision-Theoretic Competitive Bidding Models

Robert M. Stark and Robert H. Mayer
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Robert M. Stark: University of Delaware, Newark, Delaware
Robert H. Mayer: University of Delaware, Newark, Delaware

Operations Research, 1971, vol. 19, issue 2, 469-483

Abstract: This paper reviews the principal public literature concerned with expected-profit decision-theoretic closed-competitive-bidding models. It makes extensions of previous formulations for static multi-contract bidding situations with and without cost dependencies and resource constraints. The same decision model is reformulated to utilize numerical, Lagrange-multiplier, dynamic, and integer linear programming techniques according to the information available to the bidder. A zero-one integer programming formulation is well suited to utilize subjective probabilities of winning estimates. Finally, the paper suggests a format for further development.

Date: 1971
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Persistent link: https://EconPapers.repec.org/RePEc:inm:oropre:v:19:y:1971:i:2:p:469-483

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