How to decide the best bid in an auction? I am going to participate in a decision committee of a governmental auction in energy market. I want to learn more about how to decide which bid is the best in short/mid/long term. 

Can you suggest me a solid source to read/learn about it?

Thanks!

Edit: Private sector is going to bid to rent a geothermal field to construct a power plant and produce electricity.

Edit2: Maybe my question was not clear. If one party is offering high amount of cash + low annual payments and the other body is offerıng low amount of cahs + high annual payments, which one I should accept? How can I do the risk analysis? So on ...
To understand the economics of auctions a little better, I'd recommend taking a look at "Auctions: Theory and Practice" by Paul Klemperer. This book has a number of advantages:


with the exceptions of some non-essential appendices, the book is non technical and therefore more accessible to lay-readers. Other texts on auctions tend to be aimed at economics graduate students or above.
the book was motivated by Klemperer's experience designing radio spectrum auctions in the UK and discusses applications for public sale/procurement auctions at some length.
the book emphasises the main considerations and intuition behind the analysis and design of auctions, rather than the details that are more likely to be of interest to academics rather than participants.


The book can be read free of charge on Klemperer's website here. Alternatively, it is available in print; here is the publisher's page.