Management of Engineering and Technology. Technology and Innovation Management. PICMET '97. Portland International Conference on
Monte Carlo method, Construction industry -- Management, Engineering -- Management
This paper investigates the relationship between incentives, information and winner's curse in the bidding for construction industry contracts. The approach uses both simple Monte Carlo simulations and bidding experiments to show the effects of changing levels of information (in terms of variance) and incentive (in terms of risk share) on the winner's curse.
Williams, G.H., Jr.; Anderson, T.R., "Incentives, information, and winner's curse in construction industry bidding," Innovation in Technology Management - The Key to Global Leadership. PICMET '97: Portland International Conference on Management and Technology, pp. 27-31.