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Auctions have grown in importance as a way of trading a variety of goods, but more recently as mechanism of trade for real estate. Current research shows that sellers have the potential to gain higher revenues through auctions than through private negotiations, and bidders may manipulate different auctioning systems to their advantage. This research project will investigate the components of how bidders and sellers estimate value to land, how public and private information affect auctions, and how optimal bidding strategies may be constructed. When discussing value of real estate several factors must be accounted for, including location, quality, housing characteristics, and the state of the market.