Please use this identifier to cite or link to this item: https://doi.org/10.1111/j.1540-6229.2006.00159.x
Title: Price formation under small numbers competition: Evidence from land auctions in Singapore
Authors: Ooi, J.T.L. 
Sirmans, C.F.
Turnbull, G.K.
Issue Date: 2006
Citation: Ooi, J.T.L., Sirmans, C.F., Turnbull, G.K. (2006). Price formation under small numbers competition: Evidence from land auctions in Singapore. Real Estate Economics 34 (1) : 51-76. ScholarBank@NUS Repository. https://doi.org/10.1111/j.1540-6229.2006.00159.x
Abstract: This article examines the price formation process under small numbers competition using data from Singapore land auctions. The theory predicts that bid prices are less than the zero-profit asset value in these first-price sealed-bid auctions. The model also shows that expected sales price increases with the number of bidders both because each bidder has an incentive to offer a higher price and because of a greater likelihood that a high-value bidder is present. The empirical estimates are consistent with auction theory and show that the standard land attributes are reflected in auction prices as expected.
Source Title: Real Estate Economics
URI: http://scholarbank.nus.edu.sg/handle/10635/46212
ISSN: 10808620
DOI: 10.1111/j.1540-6229.2006.00159.x
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