They are decided by lobbying and personal preference - and it may not necessarily be the best bid
that gets it.
In the US this problem has been solved by a national best bid
and offer price mandated by the Securities and Exchange Commission (SEC).
If you have the best bid
, the best bid
should win it, at least that's the theory.
The auction closes at 8pm on Monday - so far the best bid
is pounds 1,650.
However, there is no evidence that residents have been overcharged or that city officials didn't take the best bid