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Package Bidding for Spectrum Licenses
Cramton, Peter; McMillan, John; Milgrom, Paul; Miller, … - University of Maryland, Department of Economics - Peter … - 1997
licenses. While these rules have performed well in the auctions conducted so far (and would perform even better with the design … individual-license pricing when licenses are complementary. In simultaneous ascending-price auctions, from a bidder's perspective …
Persistent link: https://www.econbiz.de/10004988763
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Eliminating the Flaws in New England's Reserve Markets
Cramton, Peter; Lien, Jeffrey - University of Maryland, Department of Economics - Peter … - 2000
New England’s wholesale electricity market has been in operation, since May 1, 1999. When the market began it was understood that the rules were not perfect (Cramton and Wilson 1998). However, it was decided that it was better to start the market with imperfect rules, rather than postpone the...
Persistent link: https://www.econbiz.de/10004988769
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Simultaneous Ascending Auctions with Package Bidding
Cramton, Peter; McMillan, John; Milgrom, Paul; Miller, … - University of Maryland, Department of Economics - Peter … - 1998
An effective package bidding mechanism addresses three problems: the exposure problem (the risks a bidder faces in trying to construct an efficiently large combination of licenses), the free-rider problem (the difficulties small bidders have in beating those who bid for larger packages of...
Persistent link: https://www.econbiz.de/10004988793
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Auction Design Enhancements for Non-Combinatorial Auctions
Cramton, Peter; McMillan, John; Milgrom, Paul; Miller, … - University of Maryland, Department of Economics - Peter … - 1997
We evaluate a number of possible enhancements to the FCC auctions. We consider only changes to the current auction … summarizes and extends our e-mail exchanges with FCC staff on this topic. A subsequent report will cover auctions with … combination bids. Overall, the FCC spectrum auctions have been an enormous success. However, there are two design goals in the …
Persistent link: https://www.econbiz.de/10004988797