The Determination of Best Bid Price Quotation Based on Game Theory

Abstract:

This article was based on game theory; the author analyzed the various factors affecting the game theory, including player.strategy set. pay off.equilibrium and orders of the game. Besides, the author used Nash equilibrium theory to analyze the determination of one's own bid price and estimate rival bid price function, finally determined the entire process of one's quotation function model. In the end the author used the established function model and analysis an example to verify the feasibility of the model.

• Periodical: Applied Mechanics and Materials (Volumes 155-156)
• Pages: 450-454
• DOI: https://doi.org/10.4028/www.scientific.net/AMM.155-156.450
• Online since: February 2012
• Authors: Si Dong Xu, Xiao Li Cai, Wei Liu
• Keywords: Bid Price Quotation, Determination, Game Theory, Strategy

References

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