Gates' Bidding Model—A Monte Carlo Experiment?
- 1 December 1977
- journal article
- Published by American Society of Civil Engineers (ASCE) in Journal of the Construction Division
- Vol. 103 (4) , 647-651
- https://doi.org/10.1061/jcceaz.0000730
Abstract
Recently, Gates described several simulation experiments in an attempt to demonstrate the superiority of Gates. model over Friedman.s model to determine the probability of winning a construction contract letting. This note explains why Gates. paper misrepresents Friedman.s model; does not display a sound comprehension of the basic tenets f probability; misinterprets the results from an unnecessary simulation; and wrongly pronounces the validity of Gates. model. The reader is assumed to have read Gates. paper, as references to equations and tables in it shall be made.Keywords
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