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Bediawan, D (2003) Determinants of process innovation on construction projects from contractors' perspective, Unpublished PhD Thesis, , Queensland University of Technology.
Cheung, F K T (2005) Development and testing of a method for forecasting prices of multi-storey buildings during the early design stage: The storey enclosure method revisited, Unpublished PhD Thesis, , Queensland University of Technology.
Creedy, G D (2006) Risk factors leading to cost overrun in the delivery of highway construction projects, Unpublished PhD Thesis, , Queensland University of Technology.
Fox, P W (2003) Construction industry development: Analysis and synthesis of contributing factors, Unpublished PhD Thesis, , Queensland University of Technology.
Fraser, C (1998) Personal factors influencing managerial effectiveness: A study of Australian construction site managers, Unpublished PhD Thesis, , Queensland University of Technology.
Kwok, T L (1998) Strategic alliances in construction: A study of contracting relationships and competitive advantage in public sector building works, Unpublished PhD Thesis, , Queensland University of Technology.
Liston, J (1994) Contractor prequalification, Unpublished PhD Thesis, , Queensland University of Technology.
Magub, A T (2006) Experiences of the phenomenon of internet use for information sharing on construction projects and skills set identification for effective project participation, Unpublished PhD Thesis, , Queensland University of Technology.
Pongpeng, J (2002) Multicriteria and multidecision-makers in tender evaluation, Unpublished PhD Thesis, , Queensland University of Technology.
Rahman, A (2014) The determinants of multinational contractors' willingness to bid for Australian public sector major infrastructure projects: deploying the eclectic paradigm of internationalisation, Unpublished PhD Thesis, Civil Engineering and Built Environment School, Queensland University of Technology.
Runeson, G r (1996) Models of construction price determination: A comparative appraisal, Unpublished PhD Thesis, , Queensland University of Technology.
- Type: Thesis
- Keywords: accuracy; market; market condition; motivation; winner's curse; economic theory; building industry; tendering; micro-economics; probability
- ISBN/ISSN:
- URL: https://eprints.qut.edu.au/107077/
- Abstract:
This study compares the neo-classical micro-economic theory with tendering theory in the context of price formation in the building industry. It examines the two theories and determins that while there are problems with the application of both theories, there are no a priori reasons why either theory should be inapplicable. After discussing the appropriate criteria for selecting between competing theories, the theories were compared on how well they explain and predict the impacts of changes in the level of activity in the market/industry, the distribution of tenders, the strategy for maximising profit, the winner's curse, the accuracy of estimates, the socially accepted price and adjustments to productive capacity. On all criteria the neo-classical model performed better than did the tendering theory. However, both theories have a non-falsifiable motivational core assumption. In addition, neo-classical micro-economics has a set of ceteris paribus conditions and tendering theory has a probabilistic outcome which in practice means that neither theory is falsifiable. Although it is therefore not possible to verify or falsify either theory, the assumptions used in the neo-classical theory are more realistic and clearly identify the domain of the theory, while the assumptions of tendering theory are such that the building industry is not likely to be part of its domain, and it is therefore not applicable to the industry. It is, however, possible to synthesise neo-classical micro-economics with elements of tendering theory into a neo-classical tendering theory that predicts the winning price, the probability of success with a given bid and the potential profit probability density function. This theory has distinctly neo-classical characteristics. The units of analysis are the firm and the market, not the individual tender or the industry. The profit maximising price is determined by market conditions. Tendering decisions are made in two stages. The objective in stage 1 is to assess if the winning tender will be sufficiently high to satisfy the aims of the tenderer. In stage 2 the objective is to establish a bid with a desired probability of being successful or the desired risk/reward ratio.
Teo, P (2014) The effect of procurement on competition and flexibility : determining the suitability of public-private partnerships in major infrastructure projects, Unpublished PhD Thesis, Civil Engineering and Built Environment School, Queensland University of Technology.
Yang, J (1991) An expert system for project analysis and control, Unpublished PhD Thesis, , Queensland University of Technology.
Zarkada, A (1998) Tendering ethics: A study of collusive tendering from a marketing perspective, Unpublished PhD Thesis, , Queensland University of Technology.