A decision approach to competitive electronic sealed-bid auctions for land

Electronic markets for land are innovative techniques potentially advantageous to buyers and private sellers, the latter being interested in sealed-bid auctions assuring high levels of competition among many bidders so that coalitions and cooperative games are ruled out. Land electronic tendering re...

Full description

Saved in:
Bibliographic Details
Published inThe Journal of the Operational Research Society Vol. 57; no. 9; pp. 1126 - 1133
Main Authors Ballestero, E, Bielza, C, Pla-Santamaría, D
Format Journal Article
LanguageEnglish
Published Basingstoke Taylor & Francis 01.09.2006
Palgrave Macmillan Press
Palgrave
Taylor & Francis Ltd
Subjects
Acquisition costs
Agricultural land
Applied sciences
Auctions
bidding
Bids
Capital costs
Construction
Costs
decision analysis
Decision making models
Decision theory. Utility theory
Electronic commerce
Equilibrium
Exact sciences and technology
Expected utility
Game theory
Games
investment
Land
Land development
online sales
Operational research and scientific management
Operational research. Management science
Operations research
Pessimism
Portfolio theory
Real estate auctions
Studies
Theoretical Papers
Transaction costs
Zero
Spain
Bidding
online sales
Electronic trade
Decision analysis
Investment
Cooperative game
Online AccessGet full text

Cover

More Information
Summary:Electronic markets for land are innovative techniques potentially advantageous to buyers and private sellers, the latter being interested in sealed-bid auctions assuring high levels of competition among many bidders so that coalitions and cooperative games are ruled out. Land electronic tendering requires sufficient online information for bidders such as valuation reports by prestigious surveyors. To help the bidder make his best choice, we propose a decision model for moderately pessimistic players facing tenders where competition among a great number of independent antagonists excludes the use of cooperative games and involves strict uncertainty. A worked example concerning farmland in Spain is presented.
ISSN:0160-5682
1476-9360
DOI:10.1057/palgrave.jors.2602097