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Awad, A and Fayek, A R (2013) Adaptive Learning of Contractor Default Prediction Model for Surety Bonding. Journal of Construction Engineering and Management, 139(06), 694–704.

Badu, E, Owusu-Manu, D, Edwards, D J and Holt, G D (2013) Analysis of Strategic Issues Underpinning the Innovative Financing of Infrastructure within Developing Countries. Journal of Construction Engineering and Management, 139(06), 726–37.

Brodetskaia, I, Sacks, R and Shapira, A (2013) Stabilizing Production Flow of Interior and Finishing Works with Reentrant Flow in Building Construction. Journal of Construction Engineering and Management, 139(06), 665–74.

Cariaga, I and El-Diraby, T E (2013) Assessing the market potential for housing construction products in Mexico. Journal of Construction Engineering and Management, 139(06), 717–25.

Chen, Q, Jin, R and Soboyejo, A (2013) Understanding a Contractor’s Regional Variations in Safety Performance. Journal of Construction Engineering and Management, 139(06), 641–53.

Cho, Y, Wang, C and Zhuang, Z (2013) Framework for Empirical Process to Improve Nonnuclear Gauge Performance in Hot-Mix Asphalt Pavement Construction. Journal of Construction Engineering and Management, 139(06), 601–10.

Chong, H Y, Zin, R M and Chong, S C (2013) Employing Data Warehousing for Contract Administration: e-Dispute Resolution Prototype. Journal of Construction Engineering and Management, 139(06), 611–9.

Kim, Y A, Ryoo, B Y, Kim, Y and Huh, W C (2013) Major Accident Factors for Effective Safety Management of Highway Construction Projects. Journal of Construction Engineering and Management, 139(06), 628–40.

Le, Y, Wang, Y, Luo, C and Peng, Y (2013) Integration of Financial and Contract Management on the Shanghai Expo Construction Program. Journal of Construction Engineering and Management, 139(06), 738–48.

Park, T, Kim, B and Kim, H (2013) Real Option Approach to Sharing Privatization Risk in Underground Infrastructures. Journal of Construction Engineering and Management, 139(06), 685–93.

Russell, J S (2013) Shaping the Future of the Civil Engineering Profession. Journal of Construction Engineering and Management, 139(06), 654–64.

Solla, M, González-Jorge, H, Varela, M and Lorenzo, H (2013) Ground-Penetrating Radar for Inspection of In-Road Structures and Data Interpretation by Numerical Modeling. Journal of Construction Engineering and Management, 139(06), 749–53.

Xia, B, Molenaar, K, Chan, A, Skitmore, M and Zuo, J (2013) Determining Optimal Proportion of Design in Design-Build Request for Proposals. Journal of Construction Engineering and Management, 139(06), 620–7.

Yeung, J F Y, Chan, A P C, Chan, D W M, Chiang, Y H and Yang, H (2013) Developing a Benchmarking Model for Construction Projects in Hong Kong. Journal of Construction Engineering and Management, 139(06), 705–16.

Yu, W, Wang, K and Wang, M (2013) Pricing Strategy for Best Value Tender. Journal of Construction Engineering and Management, 139(06), 675–84.

  • Type: Journal Article
  • Keywords: Competition; Bids; Pricing; Construction industry; Best value; Tendering; Competitive bidding strategy; Price elasticity;
  • ISBN/ISSN: 0733-9364
  • URL: https://doi.org/10.1061/(ASCE)CO.1943-7862.0000635
  • Abstract:
    Unlike the traditional price-focused lowest bid (LB), the best value (BV) tendering process selects the contractor that offers a product or service that is most beneficial to the procurement entity in various aspects. Existing pricing models, including cost-based probabilistic models and market-based neoclassical microeconomic theory, were developed for LB. Very few operational models exist for BV tenders due to the difficulty of measuring the price differences with respect to the variance of product or service quality. This paper proposes a price elasticity of quality (PEQ) model that provides useful tools to measure the PEQ of a product or service offered by contractors in a tendering process. Based on the proposed model, a bidding zone is suggested for the contractor in light of competitiveness and profitability. Two working examples are used to show the applicability of the proposed method.