Table 1.

Bidding decisions in land auctions.

Reference	Assumption framework	Research focus	Market conditions	Auction formats
Yang and Peng16	Fully rational	Equilibrium bidding	–	First-price sealed-bid auction and English auction
Marlene et al.17	Fully rational	Equilibrium bidding	–	First-price sealed-bid auction
Wu et al.4	Fully rational	Equilibrium bidding and mechanism design	Housing price control	First-price sealed-bid auction
Zhang and Wang5	Fully rational	Equilibrium bidding and mechanism design	–	First-price sealed-bid auction
Cai and Guo6	Fully rational	Equilibrium bidding and mechanism design	Limiting land price	First-price sealed-bid auction
Deng et al.18	Fully rational	Equilibrium bidding and mechanism design	–	First-price sealed-bid auction and second-price sealed-bid auction
Peng and Liu19	Bounded rational	Equilibrium bidding	–	First-price sealed-bid auction
This study	Bounded rational	Equilibrium bidding	Market transformation	First-price sealed-bid auction