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Ballesteros-Pérez, P, Skitmore, M, Sanz-Ablanedo, E and Verhoeven, P (2019) Forecasting the Number and Distribution of New Bidders for an Upcoming Construction Auction. Journal of Construction Engineering and Management, 145(10).

Bingham, E, Gibson, G E and El Asmar, M (2019) Identifying Team Selection and Alignment Factors by Delivery Method for Transportation Projects. Journal of Construction Engineering and Management, 145(10).

Eke, G, Elgy, J and Wedawatta, G (2019) Establishing a Link between Contractor Selection Strategy and Project Outcomes: Simulation Study. Journal of Construction Engineering and Management, 145(10).

El-adaway, I H, Ali, G, Assaad, R, Elsayegh, A and Abotaleb, I S (2019) Analytic Overview of Citation Metrics in the Civil Engineering Domain with Focus on Construction Engineering and Management Specialty Area and Its Subdisciplines. Journal of Construction Engineering and Management, 145(10).

Ioannou, P G (2019) Friedman’s Bidding Model: Errors and Corrections. Journal of Construction Engineering and Management, 145(10).

  • Type: Journal Article
  • Keywords: Competitive bidding; Friedman; Construction; Management; Contracting; Probability models; Bidding models; Optimal bid; Markup; Probability to win; Expected profit; Mistakes; Errors;
  • ISBN/ISSN: 0733-9364
  • URL: https://doi.org/10.1061/(ASCE)CO.1943-7862.0001695
  • Abstract:
    Friedman’s classic 1956 bidding model for the case in which a contractor is bidding against an unknown number of opponents applies Friedman’s multiplicative model for the probability to win, which applies only when bidding against at least one opponent, to the case in which the number of opponents is zero, to which it does not apply. Thus, both the resulting general equations and the examples for the probability to win, as well as those for expected profit, are incorrect. Moreover, the example graphs offered are not true representations of these incorrect equations. The causes and consequences of these errors are described in detail and new equations are offered as replacements. Exact graphs of the incorrect equations as well as of their replacements are presented. Four new bidding models are developed by which a contractor can find the optimum bid price that maximizes expected profit when the number of opponents is unknown and could be zero. These include the case of an owner with a reserve price that leads to a distinct and novel bidding strategy.

Khalafallah, A, Kartam, N and Razeq, R A (2019) Bilevel Standards-Compliant Platform for Evaluating Building Contractor Safety. Journal of Construction Engineering and Management, 145(10).

Lagos, C I, Herrera, R F and Alarcón, L F (2019) Assessing the Impacts of an IT LPS Support System on Schedule Accomplishment in Construction Projects. Journal of Construction Engineering and Management, 145(10).

Raouf, A M and Al-Ghamdi, S G (2019) Effectiveness of Project Delivery Systems in Executing Green Buildings. Journal of Construction Engineering and Management, 145(10).

Tetteh, M O and Chan, A P C (2019) Review of Concepts and Trends in International Construction Joint Ventures Research. Journal of Construction Engineering and Management, 145(10).

Wang, C, Loo, S C, Yap, J B H and Abdul-Rahman, H (2019) Novel Capability-Based Risk Assessment Calculator for Construction Contractors Venturing Overseas. Journal of Construction Engineering and Management, 145(10).