Using Auction Simulation to Demonstrate Real Estate Market Dynamics

Marcus Allen and Mehdi Kaighobadi

Journal of Real Estate Practice and Education, 2001, vol. 4, issue 1, 55-69

Abstract: Although all college-level real estate students should have some prior knowledge of general economic theory, most students can still benefit from a classroom exercise that demonstrates realistic real estate market dynamics. One such exercise, designed and implemented at Florida Atlantic University, is a simulated auction for single-family homes in which students are assigned a participant profile and are expected to bid on properties in a real-time auction. By manipulating the profiles and the properties placed on the auction block, the instructor can create a variety of supply and demand conditions. This essay describes the mechanics of the exercise in the hopes of spreading it to other programs whose students might benefit from its use.

Date: 2001
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DOI: 10.1080/10835547.2001.12091576

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