Though the loss of time is considered equivalent to opportunity loss, little research has been conducted in the field of signal control that accounts for individual differences in subjective opportunity loss. Because bids reflect the subjective valuation of opportunity loss, this paper introduces the concept of a bid-based priority signal control that accommodates indeterministic characteristics of queue formation in a connected environment and addresses several key elements of such a concept. Within this conception, drivers can bid for their desired signal indication. Based on these bids, an algorithm extends a green interval as long as the cumulative opportunity loss observed in stopped movements remains less than the value that would be lost through the termination of that green interval. The effects of this new type of control on user benefit and queueing delay were assessed using the asymmetric simple exclusion process. Simulation results showed that the bid-based priority signal control produced a greater subjective user benefit when measured in relation to a pre-timed control with a similar green interval. In addition, the bid-based priority signal kept the average maximum queue length relatively equal to its pre-timed equivalent. The bid-based priority signal control also balanced out the expected values of user benefit in conflicting movements. Bid-based signal priority control was recommended for further study to investigate the effects of bidding distributions on effectiveness and queue length in high-fidelity microsimulations.