This paper shows that ignoring differences in developers' competitive strength and their bidding behavior in land auctions leads to distorted valuation of urban lands. Using the government's land sale data in Singapore for the sample periods 1990-2011, we found that after controlling for...

This article proposes a duopoly dynamic game theoretic model to investigate the market structure and aggregate surplus of real estate development when land is sold in a sealed-bid first price auction vis-à-vis an open English auction. It relaxes the assumption of symmetric bidders. The land...