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During the recent sales of UMTS licenses in Europe some countries used auctions while others resorted to so … argument why beauty contests or negotiations might be dominated by auctions, which is closely linked to the multi …
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liability in second-price auctions: full liability, limited liability by default with varying penalties, and resale … lower due to the frequency of default. Auctions with resale result in the highest revenue and allocative efficiency, and are …
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