Semi-Markov dynamic programming approach to competitive bidding with state space reduction considerations |
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| Institution: | 1. Department of Computer Science and Engineering, Silicon Institute of Technology, Bhubaneswar, Odisha, India;2. Department of Computer Science and Application, College of Engineering and Technology, Bhubaneswar, Odisha, India;3. Sambalpur University, Odisha, India |
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| Abstract: | An infinite horizon semi-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. |
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