Initial Bid Research Articles

BDBM: A distributed network simplification method for solving task allocation problems

Existing task allocation algorithms often fail to consider communication load and do not meet the scalability requirements of large-scale systems in practical applications. Furthermore, many general network simplification algorithms are centralized and not designed for task allocation scenarios, thus losing their superiority when applied to solve task allocation problems in distributed systems. Inspired by recent network simplification algorithms, this paper introduces a novel network simplification algorithm called bid-based distributed broken-motifs (BDBM), which simplifies the communication network by reducing the number of closed-loop triangles. The BDBM algorithm keeps those communication edges that facilitate the deconfliction based on the initial bids, thus avoiding the surge in the number of convergence iterations caused by the simplification. In addition, CBBA is distributed and requires only two iterations to complete the communication network simplification. Theoretical analysis confirms that the simplified network of BDBM remains connected and can be used in combination with improved task allocation algorithms based on consensus-based bundle algorithm (CBBA). In terms of experiments, we conducted comprehensive experiments in different settings and found that the proposed algorithm does not lead to worse allocation solutions. The statistical results also show that BDBM outperforms state-of-the-art network simplification algorithms in terms of solving efficiency and scalability in assisting CBBA solve large-scale complex task allocation problems.

HOUSEHOLDS’ WILLINGNESS TO PAY FOR NATURAL HAZARD INSURANCE IN THE SOUTHWESTERN COASTAL REGION OF BANGLADESH

The southwestern coastal region of Bangladesh is enormously susceptible to natural hazards due to global environmental change, triggering economic instability in coastal households every year. Hazard microinsurance might be a decent option to build financial resilience; considering the assorted consumers’ preferences is essential for policy scheming. Therefore, this research estimated households’ willingness to pay (WTP) for natural hazard insurance (NHI) in Bagerhat Sadar and Rampal upazila of Bagerhat district in southwestern coastal Bangladesh. The contingent valuation method’s double-bounded dichotomous choice (DBDC) technique was exerted on the 120 randomly interviewed households’ dataset to estimate the WTP for NHI considering three experimental bid values (i.e., initial bid of BDT 300, maximum bid of BDT 500, and lower bid of BDT 200 as the NHI premium per month). This assessment revealed that, on average, around three-fourth of coastal household experienced financial losses (i.e., damage to crops, fish-shrimp enclosures, integrated farms, and houses) yearly due to natural hazards. Almost two-third of the total sample was interested in taking such alternative financial support after a massive coastal hazard, and the mean WTP was approximately BDT 284. Amongst those households, more than four-fifth were willing to pay for the initial bid value. Moreover, a logit analysis was performed to identify WTP’s probability and maximum likelihood; the Pearson goodness-of-fit test to estimate the chi-square ( =5.29; p<0.01) value; and Kendall’s tau-b ( ) test to clarify the level of significance and associations [Highest correlation-coefficient (WTP and initial bid) =0.837**; **p<0.01; strongly associated; optimal value] between WTP and three experimental bid values. Besides, this research has attempted to give policymakers a vivid understanding of households’ behavior in adopting such microinsurance. Government and development agencies are highly recommended to implement such a microinsurance scheme as post-hazard economic facilitation for coastal victims.

Rural household's willingness to pay for irrigation water use: An application of contingent valuation method, in the case of North Shewa zone, Ethiopia

AbstractThis study aimed to evaluate household's willingness to pay (WTOP) for irrigation water use (IWU) per timad (0.25 ha) of the irrigable land per year and to analyze determinants of WTOP for IWU at individual households based on the contingent valuation method (CVM). The primary data collected for this study was from 120 households using two‐stage sampling techniques such as simple random sampling and purposive from four peasant associations of the Efratana Gidim and Kewit districts by semistructured questionnaire. The secondary dataset was collected from several sources. The collected data were analyzed using descriptive, inferential, and Tobit econometric models. In addition, a seemingly unrelated bivariate probit (SUBP) model was applied to calculate the average WTOP for IWU per timad/year. The CVM survey indicated that from the total sample collected data, 80% of the households showed WTOP for IWU, while the remaining 20% did not show WTOP. The econometric result of the Tobit model showed that the education level of the household, household family size, Irrigation experience, total annual income, and credit utilization influenced farmers' WTOP positively and significantly, while only initial bid price affected the farmer negatively and significantly. Hence, the above variables should be given high emphasis in designing irrigation water‐related projects in the districts. The SUBP model result revealed that the household's average annual WTOP was 854.74 Ethiopia Birr/0.25 ha/year. The estimated MWTOP for IWU is a huge amount of money. Hence, the concerned body has to collect money from households, which has to be used in the development of irrigation systems in the study area. This study recommends that different stakeholders of government should collaborate in raising revenue from the local community and apply it for the desired community development purposes, particularly for food security enhancement as the districts are highly dependent on rainfed agriculture.

Local communities’ willingness to pay for increasing the status of a Forest Reserve in Ghana to a National Park

Atewa Forest Reserve is a Globally Significant Biodiversity Area and Important Bird Area in Ghana. The reserve has lost over 10% and 35% of its close canopy and buffer zone respectively in the last twenty years. Increasing the status of the reserve to a National Park with a buffer zone has been recommended as the key intervention that could help achieve a more optimal flow of its benefits to people. It is, however, not clear if fringe communities whose livelihoods are directly linked to the reserve will support such intervention. To provide an indication of their potential level of support and appreciation of this recommendation, we used contingent valuation method with the double-bounded dichotomous choice approach and an open ended follow up question to estimate willingness to pay of members in the fringe communities. The majority were willing to donate a day's wage for 12 months to support the project if implemented. The estimated mean willingness to pay was Ghȼ 9.99, (US$ 2.22). Respondents' income level, age and initial bid offered are the main factors that influence respondents' willingness to pay. The policy implication and importance of understanding socio-economic characteristics of households in the process of designing such intervention is discussed in the paper.

The economic valuation of Gedo Natural Forest conservation benefits, Ethiopia

Forest ecosystem economic valuation is responsible for ecologically aware and reasonable gains to the country and particularly to the surrounding groups through different means. Thus, the central objective of this study was to analyze the economic valuation Gedo Natural Forest conservation benefits of using the contingent valuation method. Both primary and secondary data were employed in this study. The interview responses of 342 households nominated from three kebeles around Gedo natural forest were collected in purpose and random sampling procedures through a semi-structure questionnaire. The mean willingness to pay calculated by means of Krinsky–Robb technique after running of Seemingly Unrelated Bivariate Probit Regression from the dichotomous choice format and open-ended questions was 24.97 and 23.91 birr per year, respectively. The outcomes of Tobit model show that the total livestock unit, total annual income of the household, and the amount of credit utilization are meaningful variables positively and significantly related to the likelihood of willingness to pay for the conservation benefits of Gedo natural forest. On the other hand, the households’ family size, the households’ age, and initial bid value were other important variables negatively and significantly influence households’ willingness to pay for the conservation benefits of Gedo natural forest. The liable body could, therefore, apply the scenario of willingness to pay in the study area, so that the Gedo natural forest could be conserved, measurable benefit to the households could be practical, and future awareness of respective household could be raised.

Procurement Mechanisms with Post-Auction Pre-Award Cost-Reduction Investigations

Integrating Cost Reduction and Supplier Selection Activities Manufacturers who outsource production may find ways to reduce suppliers’ cost to lower the contract price. Conventionally, this is done after supplier selection. However, in practice, a sizable portion of the degree to which the manufacturer can help a supplier reduce cost could be learned before the supplier starts production. This opens up a possibility to better integrate supplier selection and cost-reduction activities. In “Procurement Mechanisms with Postauction Preaward Cost-Reduction Investigations,” Chen, Beil, and Duenyas explore an alternative procurement process wherein, after suppliers’ initial pricing bids are collected, the manufacturer investigates suppliers’ cost-saving potential and then leverages this information to select the contract winner. They provide analytical and numerical evidence that this integrated procurement process not only helps the manufacturers reduce cost significantly, but also benefits the suppliers in many plausible scenarios.

Households’ willingness to pay for improved water service in Bonga town, Kaffa zone, Southwestern Ethiopia

This study was initiated to estimate households’ willingness to pay for improved water services and identify its determinants by using the contingent valuation method in Bonga town of Kaffa zone, Southwestern Ethiopia. A cross-sectional data from a total of 212 sampled households’ from two randomly selected kebeles of Bonga town. Contingent valuation survey responses were analyzed through descriptive and econometric analysis using Probit and Bivariate probit model. Double bounded dichotomous choice with open-ended follow-up format was used to elicit the household’s willingness to pay. The descriptive analysis showed that out of the total 205 valid responses indicated that most households’ have perceived the problem of existing water services and were willing to pay for its improvement. Results from the study showed that about 80.98% of the sampled households were willing to pay the initial bid offered for an improvement in their water services scheme. The Probit model regression result shows that the age, daily water use, satisfaction level, fetching time, initial bid, ownership of the house, quality, family size, stay in town, and income were important factors that influenced WTP for improved water service. The study also shows that the maximum willingness to pay for improved water service was calculated to be 57.62 Birr and 30.11 Birr per month from double bounded and open-ended format respectively. The study also reveals that the aggregate welfare gains from the improvement of water supply in the study area were calculated to be 1,176,531 and 614,810 ETB per month from double bounded dichotomous choice and open-ended format respectively. Therefore, the policymakers, as well as project implementers who design solutions to address the problem of water service in the study area, should take account of these factors into their decision. Int. J. Agril. Res. Innov. Tech. 12(1): 105-114, June 2022

Consumers’ Perception and Willingness to Pay for Cassava Leaves as a Leafy Vegetable in the Ejisu - Juaben Municipality, Ghana

Cassava leaves, as a leafy vegetable and highly nutritious food, is not a common traded leafy vegetable on the local markets of Ghana. The study assessed consumers’ perception and their willingness to pay (WTP) for cassava leaves as a leafy vegetable in the Ejisu-Juaben Municipality, a peri-urban district in the Ashanti region of Ghana. A multistage sampling technique was used to select 200 respondents for the study. Based on the empirical results, 67% of respondents were willing to pay for cassava leaves at various bids. Overall agreeing perception index (PI) was 64.6%, implying that respondents accept the cassava leaves to be sold at the local market as a leafy vegetable. On average, for every 500 grams bunch of cassava leaves, respondents were willing to pay GHS1.61 (USD0.32), below the value of its close substitute, spinach, at an initial bid of GHS2.00. An empirical tobit regression model revealed that consumers’ monthly income, level of education, and perception to sell cassava leaves as a leafy vegetable have significant influence on their WTP for cassava leaves as a leafy vegetable. The study recommends the need for farmers and other stakeholders to develop and promote the market for cassava leaves, as an alternative source of leafy vegetable for consumers and also as source of income to farmers. There is also the need for sensitization on the nutritional benefits and training on value addition to the produce to boost its patronage in the country and globally.

Studying the stability of State and municipal procurement in construction under conditions of pricing reform and cost estimating

Subject. The article examines the impact of the current stage of pricing reform and cost estimating in construction on budget savings to increase the sustainability of State and municipal procurement. Objectives. The aim is to investigate the problem of sustainability of State and municipal procurement in Russia from the perspective of pricing and cost estimating in construction; to develop proposals for increasing savings during State and municipal procurement and tendering, as part of pricing reform and cost estimating in construction. Methods. The study draws on methods of regression and logical analysis. Results. We analyzed the impact of pricing reform on budget savings during State and municipal procurement in the construction sector at the current stage. The paper considers the case of a narrow segment, limited in terms of work scope, time of procurement, location of construction project, in order to minimize the influence of factors distorting the results of the study. Conclusions. It is urgent to increase the number of bidders and reduce failed bids, by bringing to the maximum the initial price and the market value of works specified in the notice, through introducing a new cost estimate standard base, refusing the basic index method of determining the initial bid price in favor of a resource or resource-based index method, filling the Federal State Information System of Pricing in Construction with new positions to expand possibilities for determining the estimated cost of construction.

Acceptance and Willingness to Pay for Vaccine Against Human Papilloma Virus (HPV) Among Parents of Boys in Central Vietnam.

Human papilloma virus (HPV) vaccine for adolescents was recommended as an effective prevention strategy of HPV-related cancers. In Vietnam, HPV vaccination has not been introduced to male adolescent. This study was conducted to examine the acceptance of having boys vaccinated against HPV and its underlying reasoning, and to identify their parent's willingness to pay (WTP) for HPV vaccination in central Vietnam. 785 parents of boys were directly interviewed based on a structured questionnaire. Parent's acceptability of HPV vaccine for their sons was identified by one question with response on 3-point scale (agree, don't know, and disagree). Multivariate logistic regression model was used to determine contributing factors to participant's acceptance. Bidding game method was applied to elicit WTP values for HPV vaccination with initial bid of 161.2 USD. The results showed that 49.2% of parents agreed to have their sons vaccinated against HPV. Factors that influenced parent's acceptance including son's age older than 12 years (OR = 1.5; 95% CI: 1.08–1.98); being eldest son (OR = 1.6; 95% CI: 1.13–2.19), being mother (OR = 1.4; 95% CI: 1.01–1.91), parents with high educational level (OR = 1.7; 95% CI: 1.11–2.47) and their knowledge of HPV and HPV vaccine (OR = 1.8; 95% CI: 1.23–2.65). Average WTP value for full doses of HPV vaccine was 137.5 USD, ranging between 9 USD and 188.3 USD. Parents' knowledge of HPV and HPV vaccine was the only factor affecting WTP value (Rho: 0.11; p-value: 0.030). The findings suggest a strategy be introduced for HPV vaccination to male adolescents in Vietnam.

DETERMINANTS OF LOCAL COMMUNITY’S WILLINGNESS TO PAY FOR FOREST CONSERVATION IN EVERGREEN AFROMONTANE ECOSYSTEM OF SOUTHWEST ETHIOPIA

Human beings largely depend on ecosystem services obtained from nature. Here, we examined the local communities’ willingness to pay for improving forest conservation and the determinants in southwest Ethiopia. For this, firstly, the peasant associations were randomly sampled; one from the edge of the forests and three others each at 5km differences, secondly, from each peasant association, 30 sample households were randomly selected for questionnaire survey. The first sample household was selected by throwing the stick to the sky and following the direction of the stick head. We tested the effects of the socioeconomic variables on the households’ willingness to pay for forest conservation employing a logistic regression model analysis with probit function using aod package and the effect of locations of households from forest edges on the amount of bids of willingness per month was analyzed using one-way ANOVA within R statistical program. The results revealed that 104 (86.7%) of the households accepted the arbitrarily offered initial bid. The mean monthly willingness to pay is 1.1 (range: 0.36–4.46) USD. The educational level, income status, whether trained or not on the importance of forest conservation, land possession status and locations of the households from forest edges were the determinants of the local community’s willingness to pay for conservation (P<0.01). The bids offered by households for forest conservation increased with increasing the monthly income was higher at the intermediate location from forest edges. Besides the factors such as education, income and land possession, training the farmers can enhance the communities' commitment to forest biodiversity conservation. Our overall results suggest that awareness creation training and enhancing the livelihood options of the local communities may play substantial roles in increasing the willingness to pay of the households for improving the conservation of the sheka forest in southwest Ethiopia.

The contribution of local outdoor recreational services to the sustainable management of environmental resources: the case of Tabor Mountain Recreational Park in Hawassa City, Ethiopia

There has to date been limited research on the economic valuation of local outdoor recreational services to inform policy and practice. This study attempts to fill this gap by estimating the annual recreational value of Tabor Mountain Recreational Park, an open-access recreational site in Hawassa City (also known as Awassa City), Ethiopia. This study employs single-bounded dichotomous choice and open-ended elicitation methods using primary and secondary data collected from 260 urban residents during June–August 2019. A complementary assessment of the determinants of local visitors’ willingness-to-pay (WTP) is also carried out. Descriptive statistics and a binary logistic regression model were used to analyze the survey data. Overall, 87% and 98% of the respondents were willing to accept the initial bid value and to give non-zero maximum WTP, respectively. On average, a local resident makes/intends to make 2.57 visits per month paying a mean entrance fee of ETB 28.33 per visit, which represents approximately ETB 93,498,000 per year. Furthermore, average monthly income and the afternoon visiting-time preference of local visitors had a positive effect on individuals’ WTP. Initial bid value, frequency of visits per month, number of dependent families, and age of local visitors had a negative effect on WTP. The substantial annual local recreational value estimate of Tabor Mountain Park reveals the potential of local financing alternatives for sustainable development and management of environmental resources in similar settings.

Uncovering the willingness to pay for ecological red lines protection: Evidence from China

Ecological red line policy is an environmental policy that the national government aims to protect important ecosystems by dividing them into different functional red lines. Ecological red lines is the guarantee lines of ecological services and the bottom lines of ecological security. Quantifying the value of ecological red lines is the inherent requirement of the development of ecological red lines policy. This study investigated whether residents in Nanjing were willing to pay for ecological red lines protection by using the theoretical framework of the double-bounded dichotomous choice method. The survey collected a sample of 1,058 respondents, of whom 835 were willing to pay to protect the ecological red lines, and most of those unwilling to pay believed that protection of ecological red lines should be paid by governments or polluters. The calculated mean Willingness to Pay was 300.07 CNY·year−1, among which the respondents showed the highest willingness to pay for nature reserve areas and water resources reserve areas and the lowest willingness to pay for cultural landscape areas. The final estimated non-use value of ecological red lines in Nanjing was 2550 million CNY. By analyzing the results of the logistic regression model, education level and family annual income have a significant positive effect on Willingness to Pay, while age, the influence of ecological red lines on themselves, and the initial bid value are negatively significant. The evaluation results of this study have certain value mainly in the framework of sustainable development of ecological red lines, to improve residents’ awareness and participation in the protection of ecological red lines, and to provide scientific support for the management plan and policies to improve the environmental quality of ecological red lines.

Play simulation for children in magnetic resonance imaging

IntroductionMagnetic Resonance Imaging (MRI) can be a challenging examination, particularly for children. The aim of this Clinical Perspective is to outline early experiences, based upon a service evaluation (defined as an assessment of how well the intended aims are achieved), of the Playful Magnetic Resonance Imaging Simulator (PMRIS) (Domed, Lyon, France) in reducing the number of children requiring general anaesthetic (GA) in order to undergo Magnetic Resonance Imaging (MRI). MethodsBaseline data from an audit of children undergoing MRI under GA in 2017 had previously been captured as part of the funding bid for the PMRIS. Estimation of costs associated with anaesthesia were made, then combined with the overall numbers of MRI under GA to estimate projected anaesthetic related cost-savings based on the reported effectiveness of the PMRIS. Once the PMRIS was in place, data were collected for children attending a Play Specialist supervised session. The number and age of children proceeding directly to MRI without requiring a GA was determined. The associated cost benefit was calculated and compared with the projections made in the initial funding bid. ResultsOver a 7 month period 36 children, average age 6 years, age range 4 to 11 years, who had initially been triaged for MRI under GA, attended a Play Specialist led session on the PMRIS. Of these, 30, average age 6 years, age range 4 to 11 years proceeded directly to MRI without a GA. Based on the costings used for the initial funding bid, this equates to a gross cost-saving of £9,000 over 7 months. DiscussionThis service evaluation shows a positive impact of Play Specialist sessions using the PMRIS with 30 out of 36 children having a successful awake MRI as a result. There are limitations to this evaluation, particularly that whilst all these children had been triaged for MRI under GA it cannot be known how many might have had an awake MRI with different preparation. Nevertheless, according to the local referral pathways these children would otherwise have had MRI under GA. ConclusionThis service evaluation has shown that the number of GAs required for children having MRI has reduced for this particular service through the use of the PMRIS, with Play Specialist support, with associated reduction in risk and cost savings.

Determinants of people's willingness to pay to restore polluted urban rivers: The case of River Kebena, Addis Ababa

River and groundwater pollution is one of the environmental problems in Ethiopia. Although the rivers in Addis Ababa had benefited the community, for the past three decades, pollutants generated from different anthropogenic sources have been causing enormous damage to the quality of the water, aquatic living organisms, and the river ecosystem goods and services. This study examines people's maximum willingness to pay and its determinants to restore the polluted river. Thus, we applied a face-to-face interview with residents living along the riversides at Yeka and Arada sub-cities with a structured questionnaire. Seemingly Unrelated Bivariate Probit and Tobit models were employed to estimate the mean willingness to pay and determinants of the maximum willingness to pay. Although findings reveal all respondents are willing to restore the polluted Kebena River, the maximum willingness to pay varies according to the respondents' education, family size, monthly income, and the initial bid. Hence, the relevant city administration should emphasize scale-out and implement the riverside projects considering the findings. Besides, priority should give to environmental awareness pertinent to waste disposal from residential, service sectors, and public institutions. The meager urban planning and riverside management should be revised to protect urban rivers. So, the community involvement in river restoration is substantial to sustain the campaign of riversides development in the city.

Smallholder Farmer’s Willingness To Pay For Improved Irrigation Water Supply In Mashonaland Central Irrigation Schemes, Zimbabwe

Irrigation agriculture is playing a major role in attaining food self-sufficiency and overall agricultural development in many developing countries and its development is key in promoting rural development. Due to limited capacity by governments support these schemes in most developing countries, it is important that farmers are willing to assist in recovering the cost of the management, maintenance, and operation of the irrigation system. This study therefore estimated the determinants of smallholder farmers’ willingness to pay for improved irrigation water using an Ordered Probit Model. It was done in Negomo and Chimhanda irrigation schemes in Zimbabwe. Primary data was collected from 120 randomly selected smallholder farm households through a structured questionnaire and focus group discussions. The study identified Household size, household income, farmer’s satisfaction with the current management practices and amount of the initial bid factors significantly influencing farmers’ WTP for improved irrigation water. The study recommended that management practices and scheme operations should be oriented. management team or committee in the irrigation scheme should come up payment plans to finance system upgrade and covering maintenance cost and need to develop water management policies like water optimum prices and promote water-efficient technologies. Keywords: Willingness to pay, Contingent valuation method, Irrigation water DOI: 10.7176/JESD/12-20-06 Publication date: October 31 st 2021

English

The aim of this paper is to estimate households’ willingness to pay (WTP) for the development of community based tourism (CBT) around Alelo Bad hot spring water. To achieve the stated objective, relevant data was collected from a total of 157 sample respondents through questionnaires, interviews and field observation techniques. In this study, both descriptive and econometric models (Seemingly Unrelated Bivariate Probit and Probit models) were used to analyze the collected data. The descriptive statistics clearly shows that 66.24% of the respondents were willing to pay for the existence of the proposed project while 33.76% were not willing to pay. The seemingly unrelated bivariate probit model output revealed that the mean WTP of the sample household heads per year for the proposed project was birr 468.75 ($16.401) as well as the total sample respondents has estimated to pay birr 73,593.75 ($2,575.045) per year per household head. Gender, age, family size, off-farm income, education status, social responsibility and initial bid values were statistically significant variables which affect the WTP decision of household heads in the study area. The government should create a conducive environment for different stakeholders to actively engage in boosting the returns of the tourism sector and fulfillment of the proposed project in the study area. The tourism policy should be amended in the form of allocating higher proportion of the revenue obtained from the tourism sector to the local communities for the development of social infrastructure, improving the living standard of the local communities and sustaining resource conservation.   Key words: Alelo bad hot spring water, WTP, seemingly unrelated bivariate probit and probit models, Ethiopia.

Bisindole [3]arenes—Indolyl Macrocyclic Arenes Having Significant Iodine Capture Capacity

Bisindole [3]arenes—Indolyl Macrocyclic Arenes Having Significant Iodine Capture Capacity

Willingness to Pay for Conservation of African Baobab Tree in Ethiopia (A Case Study of Abergele Woreda): Contingent Valuation Approach

ABSTRACT Conservation and restoration measures which consider the participation of the local community are necessary to save the baobab trees from being vanished. This study was conducted to assess communities’ average willingness to pay and identify factors that determines households’ willingness to pay (WTP) for the conservation and restoration of baobab tree. The study used primary data obtained from a survey conducted on 192 randomly selected households. Double bounded dichotomous choice (DBDC) elicitation format of contingent valuation method was employed. The data were analyzed using a bivariate probit model. The response of households’ for the scenario indicated that the mean WTP for the conservation and restoration of baobab tree was found to be 105 birr per year per household. The results of the model revealed that household’s age, annual income of household head, marital status of household head, distance and awareness of household have positive and significant effect on WTP. On the other hand, bid values of have a significant negative effect on WTP indicating that Households that are provided with lower initial bid value are more likely to be willing to contribute for conservation. Improving the livelihood of households, creation of awareness and setting fair contribution need to be considered to enhance community’s participation in baobab tree conservation.

BitFund: A blockchain-based crowd funding platform for future smart and connected nation

The rapid growth in information technology and related talent has let to a competition among the investors to look for the best available talent. Additionally, the diverse range of directions in technology, gives a lot of options to the applicants to choose from. In such a scenario, it is imperative to link the most appropriate investors and developers in a secure and cost optimal way. Blockchain technology helps in creating a decentralized network of users where the transactions are recorded in an open distributed ledger. These features of blockchain enable a transparent and cost-effective platform for different applications. Based on the need to an effective crowdfunding platform for developing smart nation and the inherent features of blockchain technology, we propose a global crowdfunding platform called BitFund. Investors and developers can act as different nodes of the network. The investors can request a specific project and they can give their initial bid value in terms of time, cost and maintenance required. Different developers can bid with different values of the same parameters to get the project ownership. A smart contract is deployed between the investors and the developers to reach an optimal solution for the investors. Multiple iterations of bidding are carried out between the developers until the optimal solution or equilibrium is reached. The experimental results show that the proposed model yields better results as compared to other generic algorithms for crowdfunding.