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
Source: 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
Appears in Collections:Staff Publications

Show full item record
Files in This Item:
There are no files associated with this item.

SCOPUSTM   
Citations

19
checked on Jan 17, 2018

WEB OF SCIENCETM
Citations

17
checked on Dec 5, 2017

Page view(s)

118
checked on Jan 21, 2018

Google ScholarTM

Check

Altmetric


Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.