ERIC Number: ED102731
Record Type: RIE
Publication Date: 1972-Oct
Reference Count: 0
On the Probability of Winning in Competitive Bidding Theory. Paper No. 379.
Brown, Keith C.
Estimating the probability that a proposed bid will win is obviously a central problem in competitive bidding theory. Unfortunately, a method for doing this, which originated with Friedman and which continues to be expounded in the literature, is logically incorrect. This paper points out the deficiency in that formulation. (Author/MLF)
Descriptors: Bids, Cost Effectiveness, Costs, Evaluation Methods, Mathematical Models, Operations Research
Secretary of the Institute Paper Series, Krannert Graduate School of Industrial Administration, Purdue University, West Lafayette, Indiana 47907 (Paper No. 379, Free)
Publication Type: Reports - Research
Education Level: N/A
Authoring Institution: Purdue Univ., Lafayette, IN. Herman C. Krannert Graduate School of Industrial Administration.