• Journal of the Korean Operations Research and Management Science Society
• /
• v.11 no.2
• /
• pp.27-36
• /
• 1986

This paper deals with four types of multiple unit simultaneous auctions such as the discriminating. uniform-price, lowest accepted-price, and progressive auctions. These auctions have been studied by Vickrey, Ortega-Reichert, Herris and Raviv and so forth. In this paper, their studies are extended to the case with a reserve price and an entry fee, and then the equilibrium bidding strategy are presented. Further, those are analyzed with respect to the change of a reserve price, an entry fee, and the number of bidders and objects.

• Korean Journal of Construction Engineering and Management
• /
• v.6 no.5 s.27
• /
• pp.102-109
• /
• 2005

The contract price of successful bidders in domestic public work projects has dropped significantly under lowest bidding process. Furthermore, compared to the U.S. and Japan, the bids are substantially lower. The increasing trend for domestic construction companies to bid projects without considering markup or expected profit, with the purpose of gaining experience for future similar work, has contributed to the overall dumping in bid prices. The government has implemented controls in hopes of reducing the price dropping trend but these have yet to work in the market. This study determines the level of significance of the contract price of the successful bidder in domestic public works projects and identifies factors that cause bid-dropping by comparing to those of the US and Japan. By mirroring advance countries' rules and regulations to prevent an abnormally low bidder, recommendation are provided to keep unrealistically low bidders from winning the work.

• Proceedings of the Korean Institute Of Construction Engineering and Management
• /
• 2008.11a
• /
• pp.905-908
• /
• 2008

The BTL project, 4 years since its operation, has benchmarked the PFI Project in Japan and has been introduced. Given the evaluation step to select a preferred bidder, in a technological factor, the basic plans are corrected and complemented, whereas in a price factor, the low price bidding system is being enforced. There is concern that how to select preferred bidders and how to operate project costs during operation and management period may be problematic. Thus, in this study, using the Analytic Hierarchy Process, the method of deciding the pribrity to select preferred bidders in an early stage of the project and the evaluation model to evaluate the validity of BTL project expenses in process of project enforcement are established. Targeting the group. composed of experts who have experiences in the BTL project. Then, the levelling of evaluation factors and grouping have been carried out as following: LCC analysis and disbursement for government including two more detailed factors.

• Korean Journal of Construction Engineering and Management
• /
• v.24 no.6
• /
• pp.36-44
• /
• 2023

The aim of this study is to predict the potential for bid-rigging among public construction bidders and develop preventive and responsive measures. By employing the Fraud Triangle Theory (FTT), which considers the factors of opportunity, pressure, and rationalization, we analyze and explore the bid-rigging potential among construction industry professionals. A survey is conducted among General and specialized construction firms to validate the FTT research model and predict individual bid-rigging tendencies. The results indicate that higher levels of pressure, greater opportunities, and stronger rationalization increase the likelihood of individual bid-rigging. Moreover, more opportunities and stronger rationalization also raise the potential for bid-rigging by others. Understanding these dynamics enhances our knowledge and contributes to the development of policies aimed at preventing bid-rigging.

• Proceedings of the Korea Society of Information Technology Applications Conference
• /
• 2005.11a
• /
• pp.247-250
• /
• 2005

Recently, a concept of bid-rigging is issued in electronic auction. To prevent this attack, Abe-Suzuki proposed firstly receipt-free scheme based on bidding-booth. Chen-Lee-Kim pointed out that Abe-Suzuki's scheme only provides receipt-freeness for losing bidders. Also, they introduced a new receipt-free sealed bid auction scheme using the homomorphic encryption technique. The main participants of their scheme are Auctioneer, Auction Issuer, Bidder and Seller. Bid-rigging can happen by a seller in their scheme. We propose receipt-free sealed-bid auction scheme using a universal re-encryption mixnet. For our receipt-free sealed-bid auction, we use Pseudo ID of a bidder and universal re-encryption technique of Golle et al. Also, our scheme satisfies privacy, correctness, public verifiability, non-reputation, and receipt-freeness.

• Asia pacific journal of information systems
• /
• v.20 no.4
• /
• pp.81-100
• /
• 2010

This study investigates the impact of website contents on Internet auction success. Based on the marketing concepts of stimuli, consumer behavior, and product involvement, the research model presents the theoretical relationships between the key factors of website contents and Internet auction performance. This study examines particularly four dimensions of website contents including transaction features, auction-specific features, seller's reputation, and information quality, which are deemed to have significant impact on the Internet auction performance, Each dimension of website contents is hypothesized to have a unique impact on a bidder's decision-making, which may vary depending on the bidder's level of involvement in the product. While transaction and auction-specific features serve as necessary components for successful auctions, a seller's reputation and information quality, as parts of satisfactory requirements, acutely affect bidders' decisions, especially those with high involvement to buy the product through a particular auction site. The outcomes of the analysis, in general, support the proposed model. The study results also provide meaningful Implications on ways in which auction websites can be improved for both sellers and auction service providers.

• Korean Management Science Review
• /
• v.16 no.1
• /
• pp.75-85
• /
• 1999

In recent, an unfaithful construction bring about many social problems. The bidding process considering bidding price firstly is one of the reasons raising an unfaithfull construction work. Thus, we should consider many other criteria including bidding price in the bidder selection process. This paper suggests an analytic hierarchy process(AHP) model for selecting the best bidder of a large construction project. A questionnaire was used to obtain domain experts' opinion about criteria to be considered in the bidding process. A hierarchical structure of the AHP model is formed using criteria obtained in the survey. The model consists of bidding price, construction capability, financial status, faith, and their 17 sub-attributes. The relative importance of bidders are judged by pairwise comparison or absolute measurement. An illustrative example is given to show the process selecting the best bidder using the suggested AHP model.

• ETRI Journal
• /
• v.35 no.6
• /
• pp.1126-1133
• /
• 2013

The first spectrum auction in the Republic of Korea is attention-worthy owing to the fierce competition for the only 1.8-GHz spectrum license, the winning bidder of which was suspected of overpaying for its acquisition. This study empirically investigates the existence of a "winner's curse" in the first Korean spectrum auction by using a standard event study methodology. The results show that both the winner and loser experienced significant positive returns on the completion day of the auction. The results imply that there was no winner's curse in the auction and that the losing firm might increase its competitive advantage by acquiring other spectrum licenses despite failing to achieve its initial target spectrum. Therefore, these results suggest that regulators may need to consider bringing about positive short-term wealth benefits to all bidders by appropriately designing a spectrum auction, such as by performing multiband auctions.

• Journal of Forest and Environmental Science
• /
• v.31 no.1
• /
• pp.38-46
• /
• 2015

The stumpage price changes were calculated and analyzed from the data collected by Timber Mart-South from 1998 to 2007. We analyzed the relationship between pine sawtimber stumpage prices and timber sale characteristics using hedonic pricing method. Quadratic transformation was employed for sale size and contract length. Stumpage prices increased with sale size, contract length, bid sales, and the number of bidders. The presence of above average or excellent grade, market conditions, and logging conditions also are positively related to stumpage prices.

• Proceedings of the Korean Institute of Building Construction Conference
• /
• 2015.05a
• /
• pp.111-112
• /
• 2015

Garak Market Modernization Project Phase 1, which is the public projects worth 1,75 billion won, was delivered by adopting modifiable bid of BOQ on the lowest price award system. The modifiable bid of BOQ system allows bidders to modify quantities based on their own drawings and construction specifications and requirements. It was initiated by the government for minimizing design error and for inducing technical competition between tenders by checking errors. At that time the bidding, it allowed modifying the BOQ all the works. In the construction phase, the responsibility for the design changes, due to mistakes and omissions on design documents and BOQ were disputed between the owner and the contractors. This study analyzed the problem of the system and addressed a need of improvement.