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

LAUR Repository

Show simple item record

dc.contributor.author Awwad, Rita
dc.contributor.author Asgari, Sadegh
dc.contributor.author Kandil, Amr
dc.date.accessioned 2016-10-10T11:46:44Z
dc.date.available 2016-10-10T11:46:44Z
dc.date.copyright 2015 en_US
dc.date.issued 2016-10-10
dc.identifier.issn 0887-3801 en_US
dc.identifier.uri http://hdl.handle.net/10725/4552
dc.description.abstract The competitive construction bidding process is a highly unstructured decision-making problem where contractors have to take several factors into consideration, weigh their relative importance, and consequently make bidding decisions within the constraints of bounded information, limited time, and uncertainty about the market constituents. The bidding models presented in the literature help identify the different bidding objectives a contractor would consider but fail to capture all the complexities of this mechanism and its dynamics. This paper presents an agent-based construction bidding model that allows modeling different bidding strategies of contractors, observing their interaction and learning over time, and detecting emergent market behavior and bidding patterns. This model is used to simulate a variety of bidders competing against each other under a low-bid tendering approach in order to study the effect of different bidding parameters on their optimal markup decision, long-term financial performance, and survival in the market. Specifically, this paper observes the effect of the market competition level, a contractor’s risk attitude, his cost estimation and project management skills, and the project complexity on the contractor’s bidding decisions and market equilibrium en_US
dc.language.iso en en_US
dc.title Developing a Virtual Laboratory for Construction Bidding Environment Using Agent-Based Modeling en_US
dc.type Article en_US
dc.description.version Published en_US
dc.author.school SOE en_US
dc.author.idnumber 199906210 en_US
dc.author.department Civil Engineering en_US
dc.description.embargo N/A en_US
dc.relation.journal Journal of Computing in Civil Engineering en_US
dc.journal.volume 29 en_US
dc.journal.issue 6 en_US
dc.article.pages 1-14 en_US
dc.keywords Agent-based modeling en_US
dc.keywords Competitive bidding en_US
dc.keywords Simulation en_US
dc.keywords Risk aversion en_US
dc.keywords Optimal markup en_US
dc.identifier.doi http://dx.doi.org/10.1061/(ASCE)CP.1943-5487.0000440 en_US
dc.identifier.ctation Awwad, R., Asgari, S., & Kandil, A. (2014). Developing a Virtual Laboratory for Construction Bidding Environment Using Agent-Based Modeling. Journal of Computing in Civil Engineering, 29(6), 04014105. en_US
dc.author.email rita.awwad@lau.edu.lb en_US
dc.identifier.tou http://libraries.lau.edu.lb/research/laur/terms-of-use/articles.php en_US
dc.identifier.url http://ascelibrary.org/doi/abs/10.1061/(ASCE)CP.1943-5487.0000440 en_US

Files in this item

Files Size Format View

There are no files associated with this item.

This item appears in the following Collection(s)

Show simple item record

Search LAUR

Advanced Search


My Account