A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
Tendering theory revisited
This paper discusses the content, origin and development of tendering theory as a theory of price determination. It demonstrates how tendering theory determines prices and how it is different from game and decision theories, and that in the tendering process, with non-cooperative, simultaneous, single sealed bids with individual private valuations, extensive public information, a large number of bidders and a long sequence of tendering occasions, there develops a competitive equilibrium. The development of a competitive equilibrium means that the concept of the tender as the sum of a valuation and a strategy, which is at the core of tendering theory, cannot be supported, and that there are serious empirical, theoretical and methodological inconsistencies in the theory.
Tendering theory revisited
This paper discusses the content, origin and development of tendering theory as a theory of price determination. It demonstrates how tendering theory determines prices and how it is different from game and decision theories, and that in the tendering process, with non-cooperative, simultaneous, single sealed bids with individual private valuations, extensive public information, a large number of bidders and a long sequence of tendering occasions, there develops a competitive equilibrium. The development of a competitive equilibrium means that the concept of the tender as the sum of a valuation and a strategy, which is at the core of tendering theory, cannot be supported, and that there are serious empirical, theoretical and methodological inconsistencies in the theory.
Tendering theory revisited
Runeson, Goran (author) / Skitmore, Martin (author)
Construction Management and Economics ; 17 ; 285-296
1999-05-01
12 pages
Article (Journal)
Electronic Resource
English
| British Library Online Contents | 1999
PAPERS - Tendering theory revisited
| Online Contents | 1999
| Wiley | 2003
| Springer Verlag | 2017
| Wiley | 2020