Sequential bid selection by stochastic approximation

Robert A. Agnew

Naval Research Logistics Quarterly, 1972, vol. 19, issue 1, 137-143

Abstract: Suppose that a contractor is faced with a sequence of “minimum bid wins contract” competitions. Assuming that a contractor knows his cost to fulfill the contract at each competition and that competitors are merely informed whether or not they have won, bids may be selected sequentially via a tailored stochastic approximation procedure. The efficacy of this approach in certain bidding environments is investigated.

Date: 1972
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https://doi.org/10.1002/nav.3800190111

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Persistent link: https://EconPapers.repec.org/RePEc:wly:navlog:v:19:y:1972:i:1:p:137-143

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