Winning bids in fierce competition: How to outsmart rivals and secure deals!
Bidding decisions are like a game, especially when there is tough competition. This study looked at how bidders act in a competitive scenario, including possible collaboration or cheating. The researchers found that bidders change their strategies based on how much information they have. The number of bidders and any cheating also affect who wins the bid. By using a special model, bidders can make better decisions on how much to bid and how risky it is. This research helps us understand how to make smart bidding decisions in competitive situations.