Second price sealed bidding in government contracting
Hertig, Donald L.
Terasawa, Katsuaki L.
Stone, Mark W.
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This study analyzes the use of second price theory as it pertains to competitive Government contracting. Second price theory, which was originally introduced by William Vickery in 1961, entails awarding the lowest responsible and responsive bidder in a sealed bid competition a Firm-Fixed Price (FFP) type contract, where the award price is set at the second lowest bidder's bid price. This study first defines the Second Price Sealed Bid (SPSB) method, a variant of second pricing, and provides the theoretical advantages for its applications in Government contracting. Following this, the thesis presents two sets of experimentation which identify bidding behavior when the SPSB method is applied in Government contracting. The study then discusses and analyzes survey responses received from both Government and private industry contracting professionals concerning the applicability of the SPSB method in Government contracting.
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