Commenced in January 2007
Paper Count: 30843
A Model for Bidding Markup Decisions Making based-on Agent Learning
Abstract:Bidding is a very important business function to find latent contractors of construction projects. Moreover, bid markup is one of the most important decisions for a bidder to gain a reasonable profit. Since the bidding system is a complex adaptive system, bidding agent need a learning process to get more valuable knowledge for a bid, especially from past public bidding information. In this paper, we proposed an iterative agent leaning model for bidders to make markup decisions. A classifier for public bidding information named PIBS is developed to make full use of history data for classifying new bidding information. The simulation and experimental study is performed to show the validity of the proposed classifier. Some factors that affect the validity of PIBS are also analyzed at the end of this work.
Digital Object Identifier (DOI): doi.org/10.5281/zenodo.1330803Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2118
 I. Ahmad, and I. Minkarah, "Optimum mark-up for bidding: a preferenceuncertainty trade-off approach," Civ. Eng. Syst, vol. 4, pp.170-174, 1987.
 I. Carr, "General bidding model," J. Construct. Div., vol.108, pp.639-650, 1982.
 K. Mochtar, and D. Arditi, "Pricing strategy in the U.S. construction industry," Construct. Manag. Econ., vol. 19, pp. 405-15, 2001.
 M. Liu, and Y. Ling, "Modeling a contractor-s markup estimation," J. Civ. Eng. Manag., vol. 131, pp. 391-399, 2005.
 M. Skitmore, and J. Pemberton, "A multivariate approach to construction contract bidding markup strategies," J. Oper. Res. Soc., vol. 45, pp. 1263-1272, 1994.
 J. Holland, "Complex adaptive systems," Daedalus, vol. 121: pp. 17-30, 1992.
 A. Shash, "Factors considered in tending decisions by top UK contractors," Construct. Manag. Econ., vol. 11, pp. 111-118, 1993.
 A. Fayek, "Competitive bidding strategy model and software system for bid preparation," J. Constr. Engrg. Mgmt., vol. 124, pp. 1-10, 1998.