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Bai, Y, Burkett, W R and Nash, P T (2006) Lessons Learned from an Emergency Bridge Replacement Project. Journal of Construction Engineering and Management, 132(04), 338–44.

Beheiry, S M, Chong, W K and Haas, C T (2006) Examining the Business Impact of Owner Commitment to Sustainability. Journal of Construction Engineering and Management, 132(04), 384–92.

Drew, D S and Skitmore, M (2006) Testing Vickery’s Revenue Equivalence Theory in Construction Auctions. Journal of Construction Engineering and Management, 132(04), 425–8.

  • Type: Journal Article
  • Keywords: Bids; Contracts; Construction industry; Pricing;
  • ISBN/ISSN: 0733-9364
  • URL: https://doi.org/10.1061/(ASCE)0733-9364(2006)132:4(425)
  • Abstract:
    Construction work is often allocated to contractors via first price sealed bid auctions (FPA). American Nobel Prize winner and economist William Vickery, however, suggested that second price auctions (SPA) (i.e., the lowest bidder wins the contract at the second lowest price) may be more beneficial due to the revenue equivalence theory (RET). This implies that, upon certain conditions being met, clients can, in the long run, expect to pay approximately the same to contractors irrespective of whether contracts are awarded according to an FPA or SPA. At the same time, it is expected to be easier to bid in an SPA. In the absence of real world data, the likely effects of using SPA for construction were examined experimentally. This involved experienced respondents bidding on over 60 identical FPA and SPA. Contrary to expectations, the bids for the SPA were significantly higher, indicating that RET is unlikely to occur in practice in construction bidding.

Horman, M J, Orosz, M P and Riley, D R (2006) Sequence Planning for Electrical Construction. Journal of Construction Engineering and Management, 132(04), 363–72.

O’Connor, J T and Huh, Y (2006) Crew Production Rates for Contract Time Estimation: Beam Erection, Deck, and Rail of Highway Bridges. Journal of Construction Engineering and Management, 132(04), 408–15.

Pocock, J B, Kuennen, S T, Gambatese, J and Rauschkolb, J (2006) Constructability State of Practice Report. Journal of Construction Engineering and Management, 132(04), 373–83.

Shen, L, Lu, W and Yam, M C (2006) Contractor Key Competitiveness Indicators: A China Study. Journal of Construction Engineering and Management, 132(04), 416–24.

Shohet, I M (2006) Key Performance Indicators for Strategic Healthcare Facilities Maintenance. Journal of Construction Engineering and Management, 132(04), 345–52.

Tserng, H P, Yin, S Y L and Li, S (2006) Developing a Resource Supply Chain Planning System for Construction Projects. Journal of Construction Engineering and Management, 132(04), 393–407.

Zhang, J and El-Diraby, T E (2006) Constructability Analysis of the Bridge Superstructure Rotation Construction Method in China. Journal of Construction Engineering and Management, 132(04), 353–62.