Abstract
The Development Land market is a market in which a few sellers and buyers participate and each player has incomplete and asymmetric information. Therefore this market is uncompetitive market and each player's reservation prices vary widely from high to low. This market becomes, in general, a bargaining market in the search market, or some sellers sell the development land by auction when buyer's reservation prices vary widely. Transaction prices of development land are uncertainty and vary widely.
In this paper, we analyze theoretically pricing mechanism of development land, using bargaining theory and auction theory.
