• Journal of Korean Institute of Industrial Engineers
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• v.39 no.6
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• pp.562-576
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• 2013

Power TAC (Power Trading Agent Competition) is an agent-based simulation for competitions between electricity brokering agents on the smart grid. To win the competition, agents obtain electricity from the electricity wholesale market among the power plants. In this operation, a key to success is balancing the demand of the customer and the supply from the plants because any imbalance results in a significant penalty to the brokering agent. Given the bidding on the wholesale market requires the price and the quantity on the electricity, this paper proposes four different price estimation strategies: exponentially moving average, linear regression, fuzzy logic, and support vector regression. Our evaluations with the competition simulation show which strategy is better than which, and which strategy wins in the free-for-all situations. This result is a crucial component in designing an electricity brokering agent in both Power TAC and the real world.

• Asia pacific journal of information systems
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• v.17 no.1
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• pp.95-121
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• 2007

There are recently several studies of online auctions which have focused on exploring a bidder's bidding behavior in IS area. Those studies, however, have been limited to account for bidders' bidding behavior in the view of TAM and trust, not considering perceived price fairness and competition intensity. Although this view point seems reasonable in the online auction sites, few previous studies employing this perspective are found in the relevant literatures. Based on it, this study developed a comprehensive model based on trust and TAM in terms of perceived price fairness to explain competition intensity in the online auction sites. This study collected 269 survey responses from online bidders who have prior experiences with online auction sites. The survey data are used to empirically verify 11 research hypothesis by using LISREL. The results indicate that trust in websites, trust in sellers and perceived usefulness have significant impacts on perceived price fairness. Finally, perceived price fairness is strongly related to competition intensity in the online auction. This study ends with theoretical and managerial implications, as well as limitations and future research.

• Journal of the Korea Safety Management & Science
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• v.23 no.4
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• pp.73-81
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• 2021

Today's manufacturers must respond quickly to customer needs. In particular, make-to-order companies are constantly striving to satisfy customer demand for products in order to secure more favorable conditions in the future through bidding. In this bidding process, quotations play a very important role in providing favorable conditions. And the most important content that companies strive to satisfy their customers is the product's performance. Therefore, a company can attract customers and secure economic profits through good quotations, but it can be said that the first priority is to match the performance of the products requested by the customers. That is, when a company creates a quotation, it is important to structure the quotation according to the performance of the product. Thus, this paper intends to present a quotation management framework and a quotation BOM information model for constructing quotations efficiently in make-to-order manufacturing. And, in order to prove the usefulness of the proposed quotation management framework, we presents an case of the construction of an quotation management system based on the JAVA platform. As a result, the integrated quotation management system based on the proposed quotation management framework and quotation BOM has been successfully operated in a make-to-order company that manufactures marine engines.

• KSII Transactions on Internet and Information Systems (TIIS)
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• v.16 no.11
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• pp.3638-3657
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• 2022

In urban vehicular edge computing (VEC) environments, one edge server always serves many task requests in its coverage which results in the resource-constrained problem. To resolve the problem and improve system utilization, we first design a general hierarchical resource management framework based on typical VEC network structures. Following the framework, a specific interacting protocol is also designed for our decision algorithm. Secondly, a greedy bidding-based multi-hop task scheduling decision algorithm is proposed to realize effective task scheduling in resource-constrained VEC environments. In this algorithm, the goal of maximizing system utility is modeled as an optimization problem with the constraints of task deadlines and available computing resources. Then, an auction mechanism named greedy bidding is used to match task requests to edge servers in the case of multiple hops to maximize the system utility. Simulation results show that our proposal can maximize the number of tasks served in resource constrained VEC networks and improve the system utility.

• The Journal of Fisheries Business Administration
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• v.53 no.4
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• pp.069-078
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• 2022

This study studied the characteristics of cultured oyster marketing in Sacheon Bay. The results of this study are summarized as follows. First, the GULDAE aquaculture is a unique production method of Sacheon Bay. Second, oysters in Sacheon Bay were low in production, but the price was more than 70% higher than in other producing areas. Third, profit is 12.5% higher and rate of return was 179.8%. Fourth, there were more out-of-market sales than other than other producing areas, and it is a bidding method. Fifth, the marketing cost was higher than the longline hanging aquaculture; however, the advantage of price offseted this point. Although the Sacheon Bay Oyster aquaculture is small, it was confirmed that it was a producing area with high profitability and a unique marketing form from other regions. Although the Sacheon Bay Oyster culture is small, it has been confirmed that it is a producing area with high profitability and shows a unique distribution form.

• International conference on construction engineering and project management
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• 2011.02a
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• pp.534-541
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• 2011

Risk evaluation approaches for bidding on international construction projects are typically partitioned into three stages: country selection, project classification, and bid-cost evaluation. However, previous studies are frequently under attack in that they have several crucial limitations: 1) a dearth of studies about country selection risk tailored for the overseas construction market at a corporate level; 2) no consideration of uncertainties for input variable per se; 3) less probabilistic approaches in estimating a range of cost variance; and 4) less inclusion of covariance impacts. This study thus suggests a three-staged risk evaluation model to resolve these inherent problems. In the first stage, a country portfolio model that maximizes the expected construction market growth rate and profit rate while decreasing market uncertainty is formulated using multi-objective genetic analysis. Following this, probabilistic approaches for screening bad projects are suggested through applying various data mining methods such as discriminant logistic regression, neural network, C5.0, and support vector machine. For the last stage, the cost overrun prediction model is simulated for determining a reasonable bid cost, while considering non-parametric distribution, effects of systematic risks, and the firm's specific capability accrued in a given country. Through the three consecutive models, this study verifies that international construction risk can be allocated, reduced, and projected to some degree, thereby contributing to sustaining stable profits and revenues in both the short-term and the long-term perspective.

• KDI Journal of Economic Policy
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• v.32 no.2
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• pp.144-170
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• 2010

This paper considers the effect of various types of procurement auction system on competition focusing on the rate of successful bidding. We analyze the number of bidders and the rate of successful bids using online procurement data of the Public Procurement Service. The average number of bidders is 301 and the average rate of successful bids is 87.42% while the weighted average rate is 75.13%. These numbers show that there is quite strong competition among bidders and the rate is lower as the expected price is higher. When we analyze the data of price procurement auction, the rate is also shown to be lower as the expected price is higher. Furthermore, the rate decreases as the number of bidders increases which naturally makes the competition stronger. Meanwhile, the analysis finds that the inclusion of the onsite bidding, the PQ(Pre-Qualification) result, or major-10 winning companies cannot explain the rate much in our data. In case of turnkey-alternative, the average rate of successful bidding for 484 cases record 90.20%. The average is 84.89% with 120 alternatives and 91.97% with 364 cases of turnkey. The reason why the rate of turnkey-alternative is lower than that of price procurement auction is the lack of competition as well as the systematic difference. By setting up a model, we are able to explain the difference in rate caused by the respective reason. When we suppose there are 3 bidders in case of price procurement auction for a project that exceeds 100 billion won, the rate is expected to be around 64%. This implies that difference of 26% is caused by the systemic difference and 3% by the lack of competition. Therefore, we conclude that the difference in rate between turnkey-alternative and price procurement auction is caused mainly by the systemic difference. In case of PPP(Public Private Partnership) projects, among 154 projects in total, only 40% has more than 2 bidders that compete. The average number of bidders is 1.88 which is less than 2, and the average rate of successful bids is 90%. In sum, under the price procurement auction, there is strong competition which is reflected by the rate of successful bids. However, there is room to decrease the rate by strengthening the competition under the turnkey-alternative. Also with PPP projects, we expect the rate can be steadily reduced with revived competition among bidders.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.39 no.6
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• pp.913-921
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• 2019

The government introduced the comprehensive evaluation bidding system with the goal of pursuing the best value and the global standard in 2016. However, for the evaluation criteria on the construction evaluation reflected to the comprehensive evaluation bidding system, the problems of the objectivity insufficiency, the inclusion of multiple subjective evaluation items, and the irrationality of the weight for each evaluation item are continue to be presented. The central office group, the local government, the relevant industry, and the expert group share recognition, but the solution is not derived. Hence, the major evaluation items to be improved were derived with the characteristics analyzed to secure the objectivity of the construction evaluation. For the analysis method, the standard deviation and the Fleiss Kappa analysis method were used by utilizing the characteristics that the construction evaluation criteria consist of all 4-point measures (good, average, insufficient, and poor). According to the result, the 10 evaluation items of the total 25 construction evaluation items were derived as the evaluation items to be improved. It was found in the analysis on the major characteristics of the derived evaluation items that the qualitative evaluation criteria such as 'Very Suitable' and 'Suitable' were commonly included in the detailed evaluation guidelines. Hence, as far as the future construction evaluation standards are concerned, the qualitative evaluation standards are sublated, and the improvement should be made mainly for the quantitative evaluation criteria enabling the objectivity assurance.

• Journal of the Korea Institute of Building Construction
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• v.15 no.1
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• pp.89-97
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• 2015

In bidding processes conducted by government agencies, local governments or public agencies, budget prices are critical to both ordering bodies and bidders since budget prices are bases for selecting a successful bidder. Since a high budget price goes against ordering bodies and a low one goes against bidders, most ordering bodies adopt a system using multiple preliminary prices for determining a budget price to ensure fair and transparent manners. Discussed are how budget prices change depending on the methods of sampling 15 preliminary prices and the methods of sampling 4 out of 15 prices. Computer simulation is conducted to analyze budget prices for various methods to determine multiple preliminary prices. It is more likely for budget prices to be close to base prices when splitting a range of generating preliminary prices into 15 intervals and taking 4 preliminary prices from 15 intervals than when taking 4 preliminary prices from a whole range. In cases when splitting a range of generating preliminary prices, if we take 2 preliminary prices out of intervals above 100% and take 2 out of intervals below 100%, the expected budget prices are equal to a base price and the standard deviations are about half in comparison with those when taking 4 out of 15 intervals.

• Journal of the Korea Institute of Building Construction
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• v.15 no.5
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• pp.507-514
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• 2015

In recent years, the number of construction projects carried out to repair and reinforce newly built structures and facilities has been on the rise compared to the number of new construction projects, accounting for more than 90 percents of all construction projects carried out by specialty construction companies. However, as some of the ordering parties fill out the required tasks incorrectly, the wrong information on construction bids is announced, and the specialty construction companies that hold a license and technology are unable to get the job at the right time. As such, it is critical to prevent unnecessary time and expense related to the correction of incorrect bid announcements by providing accurate information and definitions, because the tasks of each specialty construction work stipulated in the framework act of construction industry are vague. Therefore, the causes and problems were analyzed based on the correction cases of bid information, and a plan that can address the problem will be proposed. The result of this study can be utilized as fundamental data to achieve an institutional improvement in the bidding service for the specialty construction companies.