In the Dynamic Spectrum Allocation scenario, the problem is to find the appropriate bidding strategies. The approach to this problem is to simulate the different cases with varying parameters. Here, the interaction between the spectrum owner and providers is modeled through auction model which has been studied in this work whereas the interaction between the providers and end users is based on the demand. This thesis presents the bidding strategies and appropriate prediction method that maximize the revenue and the profit of both the providers as well as the end users. The auction method and different bidding strategies adopted, gives the winning criteria for the providers on how many number of units to bid and the prices for these units. Prediction method for the price uses the concept of probability of winning the particular unit. Simulation results show the comparison between prediction and actual values, revenue and profits of the providers. Among the different auction and bidding methods, the Vickrey auction has been used in this work. In the Vickrey auction method, the allocation of the resources is done efficiently as compared to other methods and does provide dominant bidding strategy.