Statistical Analysis Of The Fourth Case Study In Reverse Auction Research
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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 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
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.
Advanced Methodologies And Technologies In Business Operations And Management
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Author : Khosrow-Pour, D.B.A., Mehdi
language : en
Publisher: IGI Global
Release Date : 2018-09-14
Advanced Methodologies And Technologies In Business Operations And Management written by Khosrow-Pour, D.B.A., Mehdi and has been published by IGI Global this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-09-14 with Business & Economics categories.
Businesses consistently work on new projects, products, and workflows to remain competitive and successful in the modern business environment. To remain zealous, businesses must employ the most effective methods and tools in human resources, project management, and overall business plan execution as competitors work to succeed as well. Advanced Methodologies and Technologies in Business Operations and Management provides emerging research on business tools such as employee engagement, payout policies, and financial investing to promote operational success. While highlighting the challenges facing modern organizations, readers will learn how corporate social responsibility and utilizing artificial intelligence improve a company’s culture and management. This book is an ideal resource for executives and managers, researchers, accountants, and financial investors seeking current research on business operations and management.
Engineering For Business
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Author : Colin O. Benjamin
language : en
Publisher: University Press of America
Release Date : 2009-05-16
Engineering For Business written by Colin O. Benjamin and has been published by University Press of America this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-05-16 with Business & Economics categories.
Engineering for Business features teaching materials and case studies developed for senior undergraduate courses in engineering and business and graduate-level classes in Engineering Management, Industrial Engineering and Management, and Technology Management. This work surveys the more robust quantitative tools and techniques used to facilitate decision-making in business and uses case studies to illustrate their application. Where appropriate, the readers are provided with frameworks to enable application of the techniques covered and are directed to commercially available software developed to facilitate the deployment of these tools and techniques. Traditional industrial engineering and engineering management techniques related to Engineering Economy, Multi-Criteria Decision-making, Project Management, Management Science, and Facilities Planning are covered. These are complemented by a review of more topical areas, such as Applications Software for Business, Technology Commercialization, and Supply Chain Management. In all areas, the emphasis is on integrating theory and practice through the use of case studies based on projects conducted in a wide range of industry settings. Engineering for Business provides a robust framework for the explicit integration of engineering tools and techniques into a business curriculum. The case studies are rich in data and provide great opportunities for students to apply the techniques covered and to propose innovative solutions to open-ended project assignments.
Studying The Reverse Auction Bidding Game For The Role Variants Of Guardians In The Facilities Management Industry
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Author : Apurva Krishna Gupta
language : en
Publisher:
Release Date : 2011
Studying The Reverse Auction Bidding Game For The Role Variants Of Guardians In The Facilities Management Industry written by Apurva Krishna Gupta 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.
Reverse Auction Bidding (RAB) study into the construction industry commenced at Texas A & M (TAMU) University in 2004 from the work of a graduate student who was interested in the reasons for RAB being considered unethical by some. This thesis is the eleventh study into Reverse Auction Bidding building on the work of the previous researchers. Previous case studies investigated a number of different competitive situations ranging from three to ten players. In the last few studies, the bidding behavior and performance of participants in the RAB process is being observed with respect to their personality. Personality for each player is tested using the Keirsey Temperament Sorter (KTS) test. The KTS describes four major personalities and four role variants in each of the personalities, summing up to sixteen role variants. There appears at this stage a strong correlation between personality type and game performance. This study extends the work on the Guardian personality type to investigate the four sub-types of this personality. This study builds on the previous work by analyzing the four different Guardian role variants being Provider, Protector, Inspector and Supervisor. The aim of the research is to investigate whether there is a difference in game returns between the personality type from within this group. The study involves a game scenario involving a facility manager hiring the contractors who submit the lowest bid for the assumed renovation project. The study also gives the contractor a modified KTS questionnaire that can be used by them for hiring an individual for the position of an estimator with a competent personality. The individuals were selected from undergraduate Construction Science students with limited experience. The game lasted for nine rounds, with the statistical results of the bidding and contract data showing patterns similar to the previous studies. The results show us that the individuals with a role variant of Providers provided the highest return in this case study, although a single case study is insufficient to draw formal conclusions on this matter, the result points to future research.
Best Practices For Online Procurement Auctions
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Author : Parente, Diane H.
language : en
Publisher: IGI Global
Release Date : 2007-12-31
Best Practices For Online Procurement Auctions written by Parente, Diane H. and has been published by IGI Global this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-12-31 with Education categories.
Offers a systematic approach to the examination of online procurement auctions. Growth in online auctions reinforces the need for understanding the factors important in auctions and the caveats that both researchers and practitioners need to know in order to effectively study and use the auction tool.
The Supply Chain In Manufacturing Distribution And Transportation
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Author : Kenneth D. Lawrence
language : en
Publisher: CRC Press
Release Date : 2010-09-28
The Supply Chain In Manufacturing Distribution And Transportation written by Kenneth D. Lawrence and has been published by CRC Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-09-28 with Business & Economics categories.
Reporting on cutting-edge research in production, distribution, and transportation, The Supply Chain in Manufacturing, Distribution, and Transportation: Modeling, Optimization, and Applications provides the understanding needed to tackle key problems within the supply chain. Viewing the supply chain as an integrated process with regard to tactical
Advances In Data Science And Artificial Intelligence
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Author : Rajiv Misra
language : en
Publisher: Springer Nature
Release Date : 2023-05-13
Advances In Data Science And Artificial Intelligence written by Rajiv Misra and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-05-13 with Mathematics categories.
With the intriguing development of technologies in several industries along with the advent of accrescent and ubiquitous computational resources, it creates an ample number of opportunities to develop innovative intelligence technologies in order to solve the wide range of uncertainties, imprecision, and vagueness issues in various real-life problems. Hybridizing modern computational intelligence with traditional computing methods has attracted researchers and academicians to focus on developing innovative AI techniques using data science. International Conference on Data Science and Artificial Intelligence (ICDSAI) 2022, organized on April 23-24, 2022 by the Indian Institute of Technology, Patna at NITIE Mumbai (India) in collaboration with the International Association of Academicians (IAASSE) USA collected scientific and technical contributions with respect to models, tools, technologies, and applications in the field of modern Artificial Intelligence and Data Science, covering the entire range of concepts from theory to practice, including case studies, works-in-progress, and conceptual explorations.
Putting Auction Theory To Work
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Author : Paul Milgrom
language : en
Publisher: Cambridge University Press
Release Date : 2004-01-12
Putting Auction Theory To Work written by Paul Milgrom and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-01-12 with Business & Economics categories.
This book provides a comprehensive introduction to modern auction theory and its important new applications. It is written by a leading economic theorist whose suggestions guided the creation of the new spectrum auction designs. Aimed at graduate students and professionals in economics, the book gives the most up-to-date treatments of both traditional theories of 'optimal auctions' and newer theories of multi-unit auctions and package auctions, and shows by example how these theories are used. The analysis explores the limitations of prominent older designs, such as the Vickrey auction design, and evaluates the practical responses to those limitations. It explores the tension between the traditional theory of auctions with a fixed set of bidders, in which the seller seeks to squeeze as much revenue as possible from the fixed set, and the theory of auctions with endogenous entry, in which bidder profits must be respected to encourage participation.