MMAS Algorithm and Nash Equilibrium to Solve Multi-round Procurement Problem

In this study, we combine a novel Nash equilibrium and Min-Max Ant System (MMAS) algorithm to resolve the confusion in choosing appropriate bidders in multi-round procurement. Our goal focus on the balance point in Nash Equilibrium to find an an appropriate solution to satisfy all participants in multiple-round procurements, which is most benefit for both investors and selected tenderers. The computational results of our algorithm proposed showed that this approach provide a scientific optimizing solution for the question how to choose bidders and ensure a path for a win-win relationship of all participants in procurement process.