Reverse Auction Bidding
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Reverse Auction Bidding
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Author : Shreyas Vinayak Bedekar
language : en
Publisher:
Release Date : 2012
Reverse Auction Bidding written by Shreyas Vinayak Bedekar and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
The advancement of computer technology is playing an important role in almost all fields in the construction industry in the current era. It has become a tool for exchanging legal contract information, including bid data. In the traditional closed bidding system, the bidders were unaware of their competitors' bid quotes and had no opportunity available to make a counter an offer to the bid at a different level. However, in reverse auction bidding (RAB), contractors can track their competitors' bids and take the given opportunity to re-bid the projects at lower rates. Unlike traditional auctions, where buyers raise their purchasing prices to outbid competitors, reverse auctions permit buyers to purchase goods and services from suppliers who are encouraged to sell them at the lowest price. The benefit of the reverse auction bidding is either that the vendors are able to re-bid, or lower their bid multiple times. This is an example of transparent economic information. Van Vleet initiated the ongoing Reverse Auction Bidding study at Texas A & M University. Van Vleet had created a Microsoft Access database system and ASP web based user interface for RAB study. The methodology developed by van Vleet is still being used today, and this study has been extended into analyzing different personality types and the impact on the bidding system. In the previous studies conducted by different researchers in TAMU, the performance of participants in the RAB process along with their behavior are being observed with respect to their personality. Personality of each player is tested using the Keirsey Temperament Sorter (KTS) test. The previous study states that there appears to be a strong correlation between personality type and game performance. The first case study conducted by van Vleet involved five participants who had no prior experience in Reverse Auction Bidding. The number of participants has varied from three to ten participants. This research has been conducted on graduate students of the Construction Science Department of TAMU who have no prior experience in RAB. In continuation with the previous studies held in TAMU, the results show that there is an observable pattern in the bidding strategy of first time bidders while taking part in Reverse Auction Bidding.
Owner S Interference In Reverse Auction Bidding To Skew A Free Market
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Author : Sushil Vinay Chaudhari
language : en
Publisher:
Release Date : 2010
Owner S Interference In Reverse Auction Bidding To Skew A Free Market written by Sushil Vinay Chaudhari and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
Reverse auction bidding is an online auction system. A purchaser's primary objective in using a reverse auction is to obtain the lowest possible bid for goods and services on a construction project. With this type of bidding, it is normal that the purchaser will only consider price, instead of a bidders' work history and experience. As a reverse auction is an online service, the common misperception is that a purchaser can reach a broader market to obtain the lowest possible price. It is a controversial bidding system. No previous research has been undertaken by the Texas A & M University Reverse Auction Bidding study group into potential owner interference with the bidding system for a reverse auction. Six bidders were asked to participate in the Reverse Auction Bidding process for a series of construction projects in Houston. Each participant was also asked to complete a Keirsey Temperament Sorter Test type I and II to determine each participant's personality. After the tests, the six participants competed in an online reverse auction bidding game. The primary objective of this research is to analyze the impact of an owner's interference in a reverse auction bidding scenario. In this test, one of the six bidders acted as the owner's surrogate to interfere with an ethical process and reduce the owner's costs. The other five bidders were unaware of the surrogate's role in the bidding. The primary directive given to the surrogate bidder was to drive down the cost of the projects. The results for the research study show that the owner's surrogate can affect the bidding process. Interference results in reduced returns for the bidders when compared to an uncompromised bidding scenario. It is clear that the method used is unethical.
Reverse Auction Bidding Bid Time Intervals Analysis
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Author : Mengyan Xiao
language : en
Publisher:
Release Date : 2015
Reverse Auction Bidding Bid Time Intervals Analysis written by Mengyan Xiao and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
Reverse Auction Bidding is for the purchase of goods or services that has developed in line with the development of the World Wide Web. A number of agencies utilize Reverse Auction Bidding as their procurement tool. In an RAB, human bidders bid against each other by reduce their bid price. It is believed the computer bidder machine can be introduced into reverse auction bidding to compete against human beings. However, the reaction time of a computer machine is much faster than a human. This research is looking to develop the algorithm for the computer machine to follow, so that when the computer is bidding against a human being, people cannot determine that it is a machine bidding in the game. This research is the 26th case study of Reverse Auction Bidding in Texas A&M University, Construction Science department. The research has analyzed the existing data which collected from previous RAB experiments. The results show two rules can be setup for computer bidder machines. Rule 1, when the computer is bidding during the segment 1 of each section, it shall randomly select from 2 seconds to 23 seconds as its time-intervals. Rule 2, when the computer is bidding during the segment 2 of each section, it shall randomly select from 2 seconds to 9 seconds as its time-intervals. The electronic version of this dissertation is accessible from http://hdl.handle.net/1969.1/155295
Reverse Auction Bidding Multiple Group Study
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Author : Xun Zhou
language : en
Publisher:
Release Date : 2012
Reverse Auction Bidding Multiple Group Study written by Xun Zhou and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
Reverse Auction Bidding is a recently developed auction method. In this form of bidding process, the roles of the bidders and the owner are interchanged in terms of the form of the economic transaction. The owner's objective is to drive the unit rates down and the bidder's objective is to maintain an acceptable profit level. A study into Reverse Auction Bidding commenced at Texas A & M University in 2004 and continues to this time, with this the eighteenth study in the series. This study is the second multi-group study in the research. In this study, a multiple group comparison was made between different numbers of bidders, with Games One, Two and Three having three, four and ten bidders respectively. All participants were faculty and students from the Department of Construction Science. The critical requirement for the participants is that they should have no prior experience using the Reverse Auction Bidding system. The eighteen studies have concentrated on new players, with future studies planned for repeat participants. A number of the recent case studies have shown personality has an impact on the performance of the bidders. However, this work was not controlled for personality, as the research objective was to determine the impact of a different number of bidders in a game. The Keirsey Temperament Sorter test was completed by all participants so that the results could be understood in terms of personality impact on the level of return to each participant. The results showed the number of bidders has a significant impact on the individual returns confirming the earlier work on varying the number of bidders. An increase in the number of bidders was shown to lead to a more competitive economic environment, which given usual economic circumstances lead to a reduction in the number of firms interested in bidding, for the self-evident economic reasons. This work points to the need to investigate a bidding group size of five or six, which is likely to be the self-constrained upper limit in a real economic system. Some interesting observations on the personality types suggest that further work is required in this area.
The Role Of Reverse Auctions In Strategic Sourcing
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Author :
language : en
Publisher: W.P. Carey School of Business
Release Date : 2003-01-01
The Role Of Reverse Auctions In Strategic Sourcing written by and has been published by W.P. Carey School of Business this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-01-01 with Electronic commerce categories.
Reverse Auction Bidding Multiple Group Study
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Author : Xun Zhou
language : en
Publisher:
Release Date : 2017
Reverse Auction Bidding Multiple Group Study written by Xun Zhou and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
Statistical Analysis Of The Fourth Case Study In Reverse Auction Research
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Author : Aneesh Madhao Bhalerao
language : en
Publisher:
Release Date : 2011
Statistical Analysis Of The Fourth Case Study In Reverse Auction Research written by Aneesh Madhao Bhalerao and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
Participating in an auction and winning items by placing bids has been in practice since at least 500 B.C. Auctions have evolved since then and anyone can now participate in one online and buy items ranging from clothes, electronics, automobiles and homes using online auction websites, such as eBay. A Reverse Auction varies from the traditional style of Auction where items or services are won by placing successive higher bids until the auction ends. The study of Reverse Auction was first introduced to Texas A & M University in 2004 and continues today, using a SQL based web system. This current research provides a detailed statistical analysis of the fourth case study in this long running work. This fourth case study involved the participation of five bidders who had no prior experience in Reverse Auctions. A Microsoft Access database system and ASP web based user interface was developed and used to conduct these initial studies. However, due to the limited capability of the Access system to handle more than a limited number of connections or bidders, a Microsoft SQL database and web system was developed in 2006 and has been used in all subsequent studies. Case studies have involved up to ten participants. The results from the fourth case study show that a Reverse Auction can result in an increase in the average cost of the job to the owner. Also, there is evidence of game play amongst the bidders and against the purchaser that causes their profits to rise as they gain proficiency in the game. This behavior has been termed as 'tacit collision', but it is considered a byproduct of the system and not illegal behavior. This study analyzes the fourth study data to investigate if the behavior termed "tacit collusion" is evident in the bidding data. This analysis is completed by performing a detailed statistical analysis of the bidding data. Analysis of the profit percentages illustrates the different stages of the game play amongst the bidders. This game play behavior is illustrated by plotting average number of bids to the profit made by each bidder. The data clearly suggests that the players became efficient in their bidding strategy, although some bidders are more efficient than others. This observation negates the common conception that Reverse Auctions will result in lowering average costs for the owners. The individual data of bidders for bids and profit reveal why some players were able to obtain higher than average results and why the others were not. This study can be taken further by analyzing the patterns of the successful and unsuccessful players to determine what causes them to gain or lose profits.
Reverse Auction Bidding
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Author : Dhaval Guhya
language : en
Publisher: LAP Lambert Academic Publishing
Release Date : 2011-12
Reverse Auction Bidding written by Dhaval Guhya and has been published by LAP Lambert Academic Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-12 with categories.
It was in 2004 that the first case study was done by on the ongoing Reverse Auction Bidding at Texas A & M University. This long-term study has developed from a single case study, completed by van Vleet, to a series of case studies, now combined with personality testing of all participants. van Vleet developed a Microsoft Access database system and Active Server Pages web based user interface for the study. The first case study involved five participants with no prior experience in Reverse Auction Bidding. A study with five participants is considered competitive in accordance with the standard economic Herfindahl Index. van Vleet, concluded that the results showed a level of co-operation in the bidding game between the nominal competitors. In 2010 John Nichols coined the term "tacit collusion" to identify this apparent behavioural pattern observed in the bidding. A significant element of the studies from 2005 to 2009 has been to investigate the "tacit collusion" behaviour. Tacit collusion is not considered an illegal economic behaviour. In 2006 Seth Gregory encountered significant problems with a study involving ten participants using the Access database, as a result of Access' limitations on the number of connections. Gregory's study was migrated to a Microsoft SQL database that was developed by Wellington (2006) and which overcame the limitations. SQL database systems can generate a significant quantity of data which create a computer science problem, now commonly termed 'Data rich - analysis poor'. This study is the first in a series of studies to undertake a detailed statistical study of the early case studies to provide a set of algorithms for development of SQL queries for automated real-time data analysis of future Reverse Auction Bidding case studies. This study showed that a fifth order polynomial fit the contract time compared to the job number. Analysis of the number of bids per minute for the fifteen minutes of bid time showed a log-polynomial equation which provided a reasonable fit to the data. Two sub-games were postulated to describe the operational aspects of the auction. The first game, termed the - game, is between the players with the objective of maximizing average return and the second game, termed the - game, has the objective of average cost minimization for the purchasers and maximization of revenue for the seller group. In conclusion, Reverse Auction Bidding systems are not bid shopping, but the tenet that the purchaser will reduce costs in this type of system compared to the traditional closed bid system is not confirmed with van Vleet's data and any careful consideration of the results of canny players in the 'game suggests higher than average returns for some bidders. The results show a number of patterns in the data that warrant further study, particularly the characteristics of the canny players in the alpha game suggests higher than average returns for some bidders. The results show a number of patterns in the data that warrant further study, particularly the characteristics of the canny players.
Reverse Auction Bidding Bid Arrivals Analysis
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Author : Shu Yuan
language : en
Publisher:
Release Date : 2013
Reverse Auction Bidding Bid Arrivals Analysis written by Shu Yuan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
Reverse Auction Bidding (RAB) is a recently developed procurement method that can be used by the construction industry. The technique is different from a traditional auction system, since RAB system uses a bidding activity method that is completed anonymously by pre-qualified bidders during a fixed auction time. The basic premise for the auction is that the current best auction price is available for viewing during the whole auction process by both bidders and owner. The apparent incentive is for noncompetitive bidders to lower the price. There are however controlling factor beyond the reach of owners, such as market demand, lending restrictions, stakeholder expectations and risk tolerance levels, that impact on price levels. However, owners continue to attempt to drive down prices using this technique. A study into the mechanics of RAB was launched at Texas A&M University in 2004. This ongoing study of RAB continues to this time with eighteen case studies. This nineteenth study looks at the time series bid data from some of the prior work. Nine case studies were selected from the previous case studies. These nine studies provided untainted data with 6674 RAB bid arrivals by prior investigator actions. This study concerns the statistical process of bid arrivals with time. The hypothesis to be tested is that the RAB bid arrivals timing can be modeled with a statistical process. The analysis reviewed the fit for several types of distribution, including Gaussian and Poissionian. The best fit was modeled by non-homogeneous Poisson process (NHPP). The first conclusion from the analysis is that RAB bid arrivals follows a Poisson process, termed non-homogeneous Poisson process (NHPP). The second conclusion is that the controlling Poissionian process has a square root factor. The NHPP model for RAB provides a tool for future studies of RAB in real time. Future work is suggested on the inter-time periods for the bidding. The electronic version of this dissertation is accessible from http://hdl.handle.net/1969.1/151385
Reverse Auction Bidding A Study Of Industry Professionals
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Author : Robert Bradley Piper
language : en
Publisher:
Release Date : 2014
Reverse Auction Bidding A Study Of Industry Professionals written by Robert Bradley Piper and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
This research project into Reverse Auction Bidding is the first of the twenty studies completed to this time to use professional contractors. Previous case studies used students at Texas A&M University as the subjects of the research. Reverse Auction Bidding is a new form of bidding using the internet as the bidding mechanism. A purchaser requests bids through a web site, typically a commercial site. Invited bidders can respond under a standard set of timed conditions to the bidding documents on the web site. This TAMU based research program has a SQL Server based web site, which uses house slabs in Houston as a bidding game. This study of The Reverse Auction Bidding method used four individuals from a supply company as the subjects of the work. The methods remained essentially unchanged from the earlier case studies, except that an ASP.NET MVC4 website has been developed to improve the response time and to permit data analysis as the game is played. Each bidder has capacity to bid on three sites at any time, a bidder can purchase additional capacity from the bank to increase the number of allowed simultaneous bids. Each game lasts for twenty minutes, fifteen minutes of game play followed by a five minute break to simulate the work week. Each individual was given a personality test for the review of bidding performance with personality type. The conclusions were that the professional bidders were more competitive than subjects in prior studies, the bidder who made the most aggressive use of the bank loan performed best as has been consistently shown, but the personality results did not match prior findings. Further work with professionals is recommended. The electronic version of this dissertation is accessible from http://hdl.handle.net/1969.1/151953