Submitted to the Office of Graduate Studies of
Texas A&M University
in partial fulfillment of the requirements for the degree of
DOCTOR OF PHILOSOPHY

ABSTRACT.............................................................................................................. iii
DEDICATION .......................................................................................................... v
ACKNOWLEDGEMENTS ...................................................................................... vi
NOMENCLATURE.................................................................................................. vii
TABLE OF CONTENTS.......................................................................................... ix
LIST OF FIGURES................................................................................................... xi
LIST OF TABLES .................................................................................................... xiii
1. INTRODUCTION............................................................................................... 1
1.1 Importance............................................................................................ 1
1.2 Evolution .............................................................................................. 3
1.3 Problem ............................................................................................... 5
1.4 Summary and Comment....................................................................... 8
1.5 Notes .................................................................................................... 8
2. HISTORICAL VIEW.......................................................................................... 10
2.1 Game Theory........................................................................................ 10
2.2 Auction Studies .................................................................................... 12
2.3 Summary and Comment....................................................................... 19
2.4 Notes..................................................................................................... 24
3. CURRENT VIEW............................................................................................... 26
3.1 Introduction .......................................................................................... 26
3.2 Industry Interviews............................................................................... 26
3.3 Auction Results .................................................................................... 33
3.4 Case Studies ......................................................................................... 39
3.5 Summary .............................................................................................. 44
3.6 Notes..................................................................................................... 45
4. AUCTION EXPERIMENTS .............................................................................. 46
4.1 Introduction .......................................................................................... 46
4.2 Description ........................................................................................... 47
4.3 Results .................................................................................................. 52
4.4 Summary and Comment....................................................................... 56
4.5 Notes..................................................................................................... 57
5. VALUATION MODELS.................................................................................... 58
5.1 Introduction .......................................................................................... 58
5.2 Property Valuation ............................................................................... 58
5.3 Bid Models ........................................................................................... 63
5.4 Case Study............................................................................................ 65
5.5 Notes..................................................................................................... 68
6. CONCLUSION................................................................................................... 70
6.1 Section Review..................................................................................... 70
6.2 Framing Questions and Findings.......................................................... 71
6.3 Future Research.................................................................................... 74
6.4 Final Comment..................................................................................... 75
REFERENCES.......................................................................................................... 77
APPENDIX A—SIMULATED AUCTION GAME DESIGN................................. 81
A.1 Game—Design Rules........................................................................... 81
A.2 Simulator—Concept Logic .................................................................. 83
A.3 Website—Design Logic ....................................................................... 87
APPENDIX B—STATISTICAL ANALYSIS OF GAME RESULTS .................... 89
VITA .......................................................................................... 92