Ooi, Joseph T.L.; Sirmans, C.F.; Turnbull, Geoffrey K. - In: Real Estate Economics 34 (2006) 1, pp. 51-76
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...