A Game-Theoretic Approach to Innovate Government Procurement
The Case for Non-Traditional Acquisitions – Part 1: A New Paradigm for Public Sector Procurement with Vickrey Second Price Acquisitions
The Build America, Buy America Act has resulted in major shifts for government procurement with challenges posed by rising costs from onshoring construction purchases. Procurement officers must reevaluate their strategies to meet requirements by this new enactment while keeping costs low.
Benefits of the Vickrey format:
- Mutual transparency
- Reduced manipulation
- Enhanced efficiency
The series aims to guide procurement officers in adapting to the changing landscape, offering innovative strategies to cut costs, enhance efficiency, and ensure equitable and cost-effective terms for products procured by government agencies. A&M Director Ben Wilson sheds light on the current government procurement landscape in a new series exploring the application of game theory and how the Vickrey second price acquisition model can be a strategic solution to optimize government procurement processes.
