Semi-Markov dynamic programming approach to competitive bidding with state space reduction considerations
type: Item
instance of: scholarly article
title: Semi-Markov dynamic programming approach to competitive bidding with state space reduction considerations
zbMATH Open document ID: 0628.90042
DOI: 10.1016/S0377-2217(87)80011-5
author: Sevket Gunter
author: Lloyd Swanson
published in: European Journal of Operational Research
publication date: 1987-01-01T00:00:00Z
review text: 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.
Mathematics Subject Classification ID: 90B99
Mathematics Subject Classification ID: 90C39
Mathematics Subject Classification ID: 90C40
zbMATH DE Number: 4023008
zbMATH Keywords: infinite horizon sum-Markov dynamic programming
zbMATH Keywords: optimal bidding strategy
zbMATH Keywords: multiple limited resources
zbMATH Keywords: oligopolistic market
MaRDI profile type: Publication
cites work: A Computational Algorithm for Multi-Contract Bidding Under Constraints
cites work: A Stochastic Model for Bidding
cites work: Q5588251
description: scientific article; zbMATH DE number 4023008