Equilibrium Bid-Price Dispersion

2021 ◽  
Author(s):  
Boyan Jovanovic ◽  
Albert Menkveld
Keyword(s):  
Price Dispersion ◽  
Bid Price

The Role of Information in Retail Gasoline Price Dispersion

2018 ◽  
Author(s):  
Michael D. Noel ◽  
Hongjie Qiang
Keyword(s):  
Price Dispersion ◽  
Gasoline Price ◽  
Retail Gasoline ◽  
Role Of Information

scholarly journals Is intertemporal price discrimination the cause of price dispersion in markets with low search costs?

2020 ◽  
pp. 1-4
Author(s):  
Charlie Lindgren ◽  
Sven-Olov Daunfeldt ◽  
Niklas Rudholm ◽  
Siril Yella
Keyword(s):  
Price Discrimination ◽  
Price Dispersion ◽  
Search Costs ◽  
Intertemporal Price Discrimination

scholarly journals Does the Lowest Bid Price Evaluation Criterion Make for a More Efficient Public Procurement Selection Criterion? (Case of the Czech Republic)

2015 ◽  
Vol 8 (1) ◽  
pp. 41-59 ◽  
Author(s):  
František Ochrana ◽  
Kristýna Hrnčířová
Keyword(s):  
Czech Republic ◽  
Public Procurement ◽  
Selection Criterion ◽  
Radical Change ◽  
Evaluation Criterion ◽  
The Czech Republic ◽  
Service Contracts ◽  
Bid Price ◽  
Public Contracts ◽  
Public Contract

Abstract Through the institute of public procurement a considerable volume of financial resources is allocated. It is therefore in the interest of contracting entities to seek ways of how to achieve an efficient allocation of resources. Some public contract-awarding entities, along with some public-administration authorities in the Czech Republic, believe that the use of a single evaluation criterion (the lowest bid price) results in a more efficient tender for a public contract. It was found that contracting entities in the Czech Republic strongly prefer to use the lowest bid price criterion. Within the examined sample, 86.5 % of public procurements were evaluated this way. The analysis of the examined sample of public contracts proved that the choice of an evaluation criterion, even the preference of the lowest bid price criterion, does not have any obvious impact on the final cost of a public contract. The study concludes that it is inappropriate to prefer the criterion of the lowest bid price within the evaluation of public contracts that are characterised by their complexity (including public contracts for construction works and public service contracts). The findings of the Supreme Audit Office related to the inspection of public contracts indicate that when using the lowest bid price as an evaluation criterion, a public contract may indeed be tendered with the lowest bid price, but not necessarily the best offer in terms of supplied quality. It is therefore not appropriate to use the lowest bid price evaluation criterion to such an extent for the purpose of evaluating work and services. Any improvement to this situation requires a corresponding amendment to the Law on Public Contracts and mainly a radical change in the attitude of the Office for the Protection of Competition towards proposed changes, as indicated within the conclusions and recommendations proposed by this study.

151  Factors influencing sale and bid price of sport-trained horses and ponies sold at online auctions

2021 ◽  
Vol 100 ◽  
pp. 103614
Author(s):  
M.B. Ashburn ◽  
D.R. Rostad ◽  
S.C. Main ◽  
J.M. Thompson ◽  
M.L. Kibler ◽  
...  
Keyword(s):  
Online Auctions ◽  
Bid Price

scholarly journals An Integrated Decision Support Model Based on BWM and Fuzzy-VIKOR Techniques for Contractor Selection in Construction Projects

2021 ◽  
Vol 13 (12) ◽  
pp. 6933
Author(s):  
Aziz Naghizadeh Vardin ◽  
Ramin Ansari ◽  
Mohammad Khalilzadeh ◽  
Jurgita Antucheviciene ◽  
Romualdas Bausys
Keyword(s):  
Construction Projects ◽  
Construction Project ◽  
Water Channel ◽  
Multicriteria Decision Making ◽  
Decision Support Model ◽  
Cost Overruns ◽  
Contractor Selection ◽  
Model Based ◽  
Fuzzy Vikor ◽  
Bid Price

Sustainable development of any country to some extent depends on successful accomplishment of construction projects, particularly infrastructures. Contractors have a key role in the success of these projects. Hence, the selection of a competent contractor as a complicated and hard decision process has a vital importance in the destiny of any construction project. Contractor selection is in essence a multicriteria decision-making that ought to encompass so many aspects of the project and the client’s requirements on one hand and the capabilities and past records of the contractors on the other hand. Failure in selecting a competent contractor may cause time and cost overruns; quality shortcomings; increasing in claims, disputes and change orders; and even failure of the project. In spite of deficiencies of selecting a contractor by the rule of “the lowest bid price”, it still prevails in many countries including Iran. In this paper, a new contractor selection model based on the best-worst method (BWM) and well-known Fuzzy-VIKOR techniques is proposed as a solution to overcome the deficiencies of the traditional “lowest bid price” rule. An illustrative example of a water channel construction project verified the applicability of the proposed model in practice.

scholarly journals Modelling contractor’s bidding decision

2017 ◽  
Vol 9 (1) ◽  
pp. 64-73 ◽  
Author(s):  
Sławomir Biruk ◽  
Piotr Jaśkowski ◽  
Agata Czarnigowska
Keyword(s):  
Programming Model ◽  
Real Life ◽  
Cash Flows ◽  
Managerial Decision ◽  
Single Measure ◽  
Construction Enterprises ◽  
Pricing Process ◽  
Bid Price ◽  
Total Price ◽  
Bidding Process

AbstractThe authors aim to provide a set of tools to facilitate the main stages of the competitive bidding process for construction contractors. These involve 1) deciding whether to bid, 2) calculating the total price, and 3) breaking down the total price into the items of the bill of quantities or the schedule of payments to optimise contractor cash flows. To define factors that affect the decision to bid, the authors rely upon literature on the subject and put forward that multi-criteria methods are applied to calculate a single measure of contract attractiveness (utility value). An attractive contract implies that the contractor is likely to offer a lower price to increase chances of winning the competition. The total bid price is thus to be interpolated between the lowest acceptable and the highest justifiable price based on the contract attractiveness. With the total bid price established, the next step is to split it between the items of the schedule of payments. A linear programming model is proposed for this purpose. The application of the models is illustrated with a numerical example.The model produces an economically justified bid price together with its breakdown, maintaining the logical proportion between unit prices of particular items of the schedule of payment. Contrary to most methods presented in the literature, the method does not focus on the trade-off between probability of winning and the price but is solely devoted to defining the most reasonable price under project-specific circumstances.The approach proposed in the paper promotes a systematic approach to real-life bidding problems. It integrates practices observed in operation of construction enterprises and uses directly available input. It may facilitate establishing the contractor’s in-house procedures and managerial decision support systems for the pricing process.

scholarly journals Relative price dispersion and inflation: evidence from Taiwan's hyperinflation

1995 ◽  
Vol 2 (11) ◽  
pp. 457-459 ◽  
Author(s):  
Jin-Tan Liu
Keyword(s):  
Price Dispersion ◽  
Relative Price
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