Past, Present, and Future of Bidding, Auction and Bid-Posted

At present, bidding, auction and bid-posted are the main patterns of land use right transfer in china. From an economic perspective, bidding, auction and bid-posted all belong to auction. This paper sorts out foreign literatures for auction study: practical auction has had a long history, modern auction theory originates in Vickrey, and the revenue equivalence argument it proposed has been the cornerstone of auction theory; while existing auction theories concern relaxing the assumptions of revenue equivalence theorem, of which the relaxation for two assumptions of fixed bidders number and independent bid is essential for effective auction design. This paper argues that future study can focus on general equilibrium models and mechanism's effectiveness of auction, relationship between auction theory and other trade theories, the relevant laws and regulations and such aspects.