Browsing by Subject "KTS"
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Item Reverse Auction Bidding: An Analysis of Case Study for Bid Timing(2014-08-12) Kumar, ApoorvReverse Auction Bidding is utilized by a significant number of enterprises for supply of materials and in part construction. This thesis investigates aspects of the Reverse Auction system using the web site developed by others to continue the work on understanding aspects of the impact of human personality types on the bidding results for a standard game. A game theory was developed for the Reverse Auction Bidding framework used at TAMU to study the results of the bids collected in a standard game. This theory postulated two sub-games exist inside the main Reverse Auction Bidding game. The main sub-game is between the buyer and the set of bidders. The second sub-game is between the bidders. The theory exists that the buyer seeks minimal costs, which must be acknowledged as prima facie correct for this study. Extent studies at TAMU have indicated that the costs distribution is non-Gaussian, indicating that the buyer?s objective is not achieved for all bidders. The second sub-game is between the bidders, they utilize the non-Gaussian component of the profit distribution to amplify individual returns. Bidders have been proposed into three types, and the personality has been shown to have some impact on the participant?s economic efficiency. The bid timing data from previous studies shows that the bid arrival times follows a Poisson process. This study aims to confirm the previous investigation that the bid timing data from the Reverse Auction Bidding case studies at TAMU fits the non-homogeneous Poisson process model. The study involves a game scenario consisting of six construction sites for which the participants were asked to bid on the construction of house slabs. This is a simple and repeatable construction to minimize the problems of bidding. The study also involved determining the personality type of the participants. The game lasts for eight rounds. The individuals were selected from the Construction Management Graduate program with varied experience. The hypothesis is a non-homogeneous Poisson process (NHPP) models the arrival time data for bidding from a number of new TAMU case studies within acceptable statistical limits. The hypothesis is neither proven nor disproven; the results from this study are moot to a large extent, except when included in the overall study of all of the games.Item Reverse Auction Bidding: Bidding Strategy Pattern of First Time Bidders(2012-02-14) Bedekar, Shreyas VinayakThe advancement of computer technology is playing an important role in almost all fields in the construction industry in the current era. It has become a tool for exchanging legal contract information, including bid data. In the traditional closed bidding system, the bidders were unaware of their competitors' bid quotes and had no opportunity available to make a counter an offer to the bid at a different level. However, in reverse auction bidding (RAB), contractors can track their competitors' bids and take the given opportunity to re-bid the projects at lower rates. Unlike traditional auctions, where buyers raise their purchasing prices to outbid competitors, reverse auctions permit buyers to purchase goods and services from suppliers who are encouraged to sell them at the lowest price. The benefit of the reverse auction bidding is either that the vendors are able to re-bid, or lower their bid multiple times. This is an example of transparent economic information. Van Vleet initiated the ongoing Reverse Auction Bidding study at Texas A&M University. Van Vleet had created a Microsoft Access database system and ASP web based user interface for RAB study. The methodology developed by van Vleet is still being used today, and this study has been extended into analyzing different personality types and the impact on the bidding system. In the previous studies conducted by different researchers in TAMU, the performance of participants in the RAB process along with their behavior are being observed with respect to their personality. Personality of each player is tested using the Keirsey Temperament Sorter (KTS) test. The previous study states that there appears to be a strong correlation between personality type and game performance. The first case study conducted by van Vleet involved five participants who had no prior experience in Reverse Auction Bidding. The number of participants has varied from three to ten participants. This research has been conducted on graduate students of the Construction Science Department of TAMU who have no prior experience in RAB. In continuation with the previous studies held in TAMU, the results show that there is an observable pattern in the bidding strategy of first time bidders while taking part in Reverse Auction Bidding.