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|Title:||Price formation under small numbers competition: Evidence from land auctions in Singapore|
|Authors:||Ooi, J.T.L. |
|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|
|Appears in Collections:||Staff Publications|
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