Semi-Markov dynamic programming approach to competitive bidding with state space reduction considerations (Q1093524): Difference between revisions
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| Property / cites work: A Stochastic Model for Bidding / rank | |||
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Latest revision as of 12:57, 18 June 2024
scientific article
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | Semi-Markov dynamic programming approach to competitive bidding with state space reduction considerations |
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Semi-Markov dynamic programming approach to competitive bidding with state space reduction considerations (English)
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1987
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An infinite horizon sum-Markov dynamic programming model is formulated to compute the optimal bidding strategy for a firm using multiple limited resources with idle costs, sequentially bidding in each period for one of the multiple types of projects with different durations and resource requirements. An oligopolistic market with generally stable environmental conditions, in which the lowest bidder secures the project, is considered. Previous bid results are assumed to be known prior to submitting a subsequent bid.
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infinite horizon sum-Markov dynamic programming
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optimal bidding strategy
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multiple limited resources
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oligopolistic market
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