As stated before, we've all wondered this I'm sure. Below are some of The Great Morel's favorite sites regarding this infamous question. It may be the answer for all of us when we get to old in our age to enjoy wondering through the woods.
Check out this great page from the people at TheFarm.org: This technique was developed by mycologist Gary Mills after much trial and error, and observations of morels growing in nature. What follows is a sequence which Gary demonstrated for the PBS series, Scientific American Frontiers. The temperature, humidity, substrate and other detailed parameters were placed in the public domain by George Robert Trager.
If you are entertaining the thought of starting your own morel garden right out your back door, then you may want to consider visiting these various websites. Fungi Perfecti, which is a family-owned, environmentally friendly company specializing in using gourmet and medicinal mushrooms to improve the health of the planet and its people. They also market several growing kits, with books and needed materials. Another site to visit is BuyMorels.com which offers a morel growing kit with other items. Also, visit Gourmet Mushrooms and Mushroom Products for "The Morel Habitat Kit which was developed so everyone could enjoy growing their own morels" and other products.
One may want to check out Thomas J. Volk's article on "The Morel Life Cycle." Thomas J Volk is a well recognized expert in the field of mycology and a member of the Biology Department at the University of Wisconsin-La Crosse. He has a well written piece on morel cultivation which attempts to answer some of the mysteries as to why it is so difficult to repeat this magic of nature.