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Developing a Virtual Laboratory for Construction Bidding Environment Using Agent-Based Modeling

“…Later, the assumption of maximizing the expected monetary value as an objective function was replaced with its expected utility in order to incorporate the risk attitudes of contractors (Willenbrock 1973;Ibbs and Crandall 1982). Moreover, other possible determinant factors such as loss avoidance and work force continuity were taken into consideration for developing multi-attribute models of bidding strategy, more realistically reflecting contractors' behaviors (Cagno et al 2001;Dozzi et al 1996;Marzouk and Moselhi 2003;Seydel and Olson 1990;Shen et al 1999;Skitmore and Pemberton 1994;Wang et al 2007). In order to develop appropriate bid compensation strategies for owners, game theory-that is based on rational choice paradigm-was applied to understand the impacts of bid compensation in projects with high bid preparation cost (Ho and Hsu 2014;Ho 2005).…”

Developing a Virtual Laboratory for Construction Bidding Environment Using Agent-Based Modeling

“…Later, the assumption of maximizing the expected monetary value as an objective function was replaced with its expected utility in order to incorporate the risk attitudes of contractors (Willenbrock 1973;Ibbs and Crandall 1982). Moreover, other possible determinant factors such as loss avoidance and work force continuity were taken into consideration for developing multi-attribute models of bidding strategy, more realistically reflecting contractors' behaviors (Cagno et al 2001;Dozzi et al 1996;Marzouk and Moselhi 2003;Seydel and Olson 1990;Shen et al 1999;Skitmore and Pemberton 1994;Wang et al 2007). In order to develop appropriate bid compensation strategies for owners, game theory-that is based on rational choice paradigm-was applied to understand the impacts of bid compensation in projects with high bid preparation cost (Ho and Hsu 2014;Ho 2005).…”

Developing a Virtual Laboratory for Construction Bidding Environment Using Agent-Based Modeling

“…Later, the assumption of maximizing the expected monetary value as an objective function was replaced with its expected utility in order to incorporate the risk attitudes of contractors (Willenbrock 1973;Ibbs and Crandall 1982). Moreover, other possible determinant factors such as loss avoidance and work force continuity were taken into consideration for developing multi-attribute models of bidding strategy, more realistically reflecting contractors' behaviors (Cagno et al 2001;Dozzi et al 1996;Marzouk and Moselhi 2003;Seydel and Olson 1990;Shen et al 1999;Skitmore and Pemberton 1994;Wang et al 2007). In order to develop appropriate bid compensation strategies for owners, game theory-that is based on rational choice paradigm-was applied to understand the impacts of bid compensation in projects with high bid preparation cost (Ho and Hsu 2014;Ho 2005).…”

Developing a Virtual Laboratory for Construction Bidding Environment Using Agent-Based Modeling

“…Later, the assumption of maximizing the expected monetary value as an objective function was replaced with its expected utility in order to incorporate the risk attitudes of contractors (Willenbrock 1973;Ibbs and Crandall 1982). Moreover, other possible determinant factors such as loss avoidance and work force continuity were taken into consideration for developing multi-attribute models of bidding strategy, more realistically reflecting contractors' behaviors (Cagno et al 2001;Dozzi et al 1996;Marzouk and Moselhi 2003;Seydel and Olson 1990;Shen et al 1999;Skitmore and Pemberton 1994;Wang et al 2007). In order to develop appropriate bid compensation strategies for owners, game theory-that is based on rational choice paradigm-was applied to understand the impacts of bid compensation in projects with high bid preparation cost (Ho and Hsu 2014;Ho 2005).…”