Open AccessInternational Real Estate Review
Author(s) -
Abdul Rasheed Amidu Amidu,
Alirat Olayinka Agboola
Publication year - 2009
Publication title -
journal of the asian real estate society
Language(s) - English
Resource type - Journals
ISSN - 1029-6131
DOI - 10.53383/100110
Subject(s) - real estate , economics , dutch auction , auction theory , generalized second price auction , english auction , monetary economics , econometrics , financial economics , common value auction , revenue equivalence , microeconomics , finance
This study examines the determinants of auction premium using data from a first-price sealed bid auction of Federal Government Landed Properties in Nigeria. The results indicate that the number of bidders and location are important determinants of auction price premiums. These findings are consistent with the auction theory. The empirical estimates also suggest that property type as well as bidder characteristics may also influence auction premiums.