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Competitive Bidding with Dependent Value Estimates

Publication ,  Journal Article
Winkler, RL; Brooks, DG
Published in: Operations Research
June 1980
Published version (DOI) Publisher Link

A bidding situation in which there is uncertainty about the value of the item of interest is modeled. The uncertainty is modeled in probabilistic terms, and the model allows the errors of estimation (the differences between expected values and the actual value) of the bidders to be dependent. The effect of this dependence on the “winner's curse” (the tendency for the highest bidder to be one who has overvalued the item) is studied, and optimal bidding strategies are determined.

Duke Scholars

Robert L. Winkler
Author Robert L. Winkler Fuqua School of Business

Published In

Operations Research

DOI

10.1287/opre.28.3.603

EISSN

1526-5463

ISSN

0030-364X

Publication Date

June 1980

Volume

28

Issue

3-part-i

Start / End Page

603 / 613

Publisher

Institute for Operations Research and the Management Sciences (INFORMS)

Related Subject Headings

  • Operations Research
  • 1503 Business and Management
  • 0802 Computation Theory and Mathematics
  • 0102 Applied Mathematics
 

Citation

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ICMJE
MLA
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Winkler, R. L., & Brooks, D. G. (1980). Competitive Bidding with Dependent Value Estimates. Operations Research, 28(3-part-i), 603–613. https://doi.org/10.1287/opre.28.3.603
Winkler, Robert L., and Daniel G. Brooks. “Competitive Bidding with Dependent Value Estimates.” Operations Research 28, no. 3-part-i (June 1980): 603–13. https://doi.org/10.1287/opre.28.3.603.
Winkler RL, Brooks DG. Competitive Bidding with Dependent Value Estimates. Operations Research. 1980 Jun;28(3-part-i):603–13.
Winkler, Robert L., and Daniel G. Brooks. “Competitive Bidding with Dependent Value Estimates.” Operations Research, vol. 28, no. 3-part-i, Institute for Operations Research and the Management Sciences (INFORMS), June 1980, pp. 603–13. Crossref, doi:10.1287/opre.28.3.603.
Winkler RL, Brooks DG. Competitive Bidding with Dependent Value Estimates. Operations Research. Institute for Operations Research and the Management Sciences (INFORMS); 1980 Jun;28(3-part-i):603–613.

Published In

Operations Research

DOI

10.1287/opre.28.3.603

EISSN

1526-5463

ISSN

0030-364X

Publication Date

June 1980

Volume

28

Issue

3-part-i

Start / End Page

603 / 613

Publisher

Institute for Operations Research and the Management Sciences (INFORMS)

Related Subject Headings

  • Operations Research
  • 1503 Business and Management
  • 0802 Computation Theory and Mathematics
  • 0102 Applied Mathematics