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Closed competitive bidding |
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| Authors: | FJ Curtis PW Maines |
| Institution: | Richard Costain Ltd., London UK |
| Abstract: | This paper replaces the competitive bidding models of Friedman and Gates with a more general probabalistic bidding model which resolves the conflict between them. The validity of the model is demonstrated by simulation. Practical difficulties of using the probabalistic approach are discussed and several lines of future research suggested. |
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