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Collusive Bidding: Lessons from the FCC Spectrum Auctions
Cramton, Peter; Schwartz, Jesse - University of Maryland, Department of Economics - Peter … - 2000
The Federal Communications Commission (FCC) spectrum auctions use a simultaneous ascending auction design. Bidders bid … mitigate collusive bidding in the spectrum auctions, and then apply these ideas to the design of daily electricity auctions. …
Persistent link: https://www.econbiz.de/10004988751
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Collusive Bidding in the FCC Spectrum Auctions
Cramton, Peter; Schwartz, Jesse - University of Maryland, Department of Economics - Peter … - 2002
This paper describes the signaling that occurred in many of the FCC spectrum auctions. The FCC's simultaneous ascending … auctions allowed bidders to bid on numerous communication licenses simultaneously, with bidding remaining open on all licenses …
Persistent link: https://www.econbiz.de/10004988795
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Money Out of Thin Air: The Nationwide Narrowband PCS Auction
Cramton, Peter - University of Maryland, Department of Economics - Peter … - 1995
The Federal Communications Commission held its first auction of radio spectrum at the Nationwide Narrowband PCS Auction in July 1994. The simultaneous multiple-round auction, which lasted five days, was an ascending bid auction in which all licenses were offered simultaneously. This paper...
Persistent link: https://www.econbiz.de/10004988742
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Lessons Learned from the UK 3G Spectrum Auction
Cramton, Peter - University of Maryland, Department of Economics - Peter … - 2001
In April of 2000, the Radiocommunications Agency of the United Kingdom completed its first spectrum auction, raising £22.5 billion for five third-generation (3G) mobile wireless licenses. This paper assesses how well the UK 3G spectrum auction did in achieving the Government's objectives.
Persistent link: https://www.econbiz.de/10004988743
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Using Auction Theory to Inform Takeover Regulation
Cramton, Peter; Schwartz, Alan - University of Maryland, Department of Economics - Peter … - 1991
with getting the best price for the stock- holders at a sale of the company." The Delaware courts' preference for auctions …. Second, auctions maximize shareholder returns. The two premises together imply that a target's board should conduct an …
Persistent link: https://www.econbiz.de/10004988744
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Tradeable Carbon Permit Auctions: How and Why to Auction Not Grandfather
Cramton, Peter; Kerr, Suzi - University of Maryland, Department of Economics - Peter … - 2002
tradable and bankable. The government would conduct quarterly auctions. A standard ascending-clock auction in which price is …
Persistent link: https://www.econbiz.de/10004988745
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Auctioning Securities
Cramton, Peter; Ausubel, Lawrence M. - University of Maryland, Department of Economics - Peter … - 1997
-bid auctions. The Vickrey auction and the alternative ascending-bid auction (Ausubel 1996) have important theoretical advantages … for sellers. In a setting without private information, these auctions achieve the maximal revenue as a unique equilibrium …
Persistent link: https://www.econbiz.de/10004988746
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Deficit Reduction Through Diversity: How Affirmative Action at the FCC Increased Auction Competition
Cramton, Peter; Ayres, Ian - University of Maryland, Department of Economics - Peter … - 1996
In recent auctions for paging licenses, the Federal Communications Commission has granted businesses owned by …
Persistent link: https://www.econbiz.de/10004988747
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Competitive Bidding Behavior in Uniform-Price Auction Markets
Cramton, Peter - University of Maryland, Department of Economics - Peter … - 2004
Profit-maximizing bidding in uniform price auction markets involves bidding above marginal cost. It therefore is not surprising that such behavior is observed in electricity markets. This incentive to bid above marginal cost is not the result of coordinated action among the bidders. Rather, each...
Persistent link: https://www.econbiz.de/10004988748
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Review of the Proposed Reserve Markets in New England
Cramton, Peter; Chao, Hung-po; Wilson, Robert - University of Maryland, Department of Economics - Peter … - 2005
ISO New England proposes reserve markets designed to improve the existing forward reserve market and improve pricing during real-time reserve shortages. We support all of the main elements of the proposal. For example, we agree that little is gained by allowing reserve availability bids in the...
Persistent link: https://www.econbiz.de/10004988750