1. How is the cutdown of a bid calculated?
The Cut down is nothing more than an ESTIMATE, based on INTEL.
One of the reasons the D-Sharks are so good at bidding is there merchants visit worlds very often.
So this means they see things more frequently and more fully than a unit from off world would.
So they might know of a unit being under/over strength or having just been in combat, or how well entrenched the defenders are.... etc etc etc.
Its the equivalent of having good recon ahead of time.
V/S... a unit just jumping in system and taking what the defenders "say" is their force at face value.
For example, IIRC, Phelan was able to fill in Ulric on much more detail of certain FRR worlds from his time just prior to the invasion in the FRR, things like the Flu from the Tropics in Rasalhague etc etc.
So Ulric was able to bid lower for the target v/s the G-Bear Khan because he knew that given time, a good portion of the defending forces would be tossing cookies instead of being in fighting shape.
2. How easy it to cheat on your bid and get away with it? Any examples?
The most common way I think I've seen is misrepresenting your forces.
We've seen examples in Canon of calling a unit Green v/s Elite.
There is also the size issue.
Big difference between a Trinary of 15 mechs and a Trinary of 2 Novas of mechs & elementals & a 3rd star of Fighters..............15 Mechs v/s 10 Mechs, 50 Elementals, 10 Fighters.......
Both are a Trinary but I know which one I'm thinking of as tactically superior.
3. Any good examples of bidding below the cutdown (especially when victorious)?
Plenty in canon, Rasalhague as I mentioned above.
Gunzberg where Natasha sent in just Phelan.
The Cutdown is an "opinion", based on Intel as I said above.
So the more Intel you have the more accurate you can bid.
If you don't know about an extra wing of fighters you might go in w/o enough support and loose droppers full of mechs just trying to get to the target.
4. Generally isn't bidding wasteful when it is below the cutdown? You'll probably take more damage, casualties, etc. than if it is at or above the cutdown. Can you really show your skills when you are mismatched?
Nobody said the clans are smart.
But, remember, there is more to a mission than Damage taken in the actual fight.
Things like Fuel, food, oil, spareparts, wear & tear........ Think about the modern US-Army......do you really want to ship an entire brigade over seas if a battalion will get the job done.
The clans aren't looking to loose so much as they don't want a walkover, they want a hard fight to let the truly excellent shine and to weed out the weak.