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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
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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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A Review of ISO New England's Proposed Market Rules
Cramton, Peter; Wilson, Robert - University of Maryland, Department of Economics - Peter … - 1998
This report reviews the proposed rules for restructured wholesale electricity markets in New England. We review the market rules, both individually and collectively, and identify potential problems that might limit the efficiency of these markets. We examine alternatives and identify the key...
Persistent link: https://www.econbiz.de/10004988790
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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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Collusive Bidding in the FCC Spectrum Auctions
Cramton, Peter; Schwartz, Jesse - In: Contributions to Economic Analysis & Policy 1 (2002) 1, pp. 1078-1078
This paper describes the bid signaling that occurred in many of the FCC spectrum auctions. Bidders in these auctions …
Persistent link: https://www.econbiz.de/10005579421
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First-Price and Second-Price Auctions with Resale
Lebrun, Bernard - Department of Economics, York University - 2006
We add a resale stage to standard auctions with two bidders. Bids are either kept secret or made public. Either the … auction with bid disclosure. We compare the revenues from the two auctions and from the two bargaining procedures at resale … auction winner or the auction loser chooses the resale price. We characterize an infinity of equilibria of the second …
Persistent link: https://www.econbiz.de/10005357412
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Advances in Auctions
Kaplan, Todd R.; Zamir, Shmuel - Business School, University of Exeter - 2014
As a selling mechanism, auctions have acquired a central position in the free market economy all over the globe. This … development has deepened, broadened, and expanded the theory of auctions in new directions. This chapter is intended as a …
Persistent link: https://www.econbiz.de/10010754090
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Chapter 7. Advances in Auctions
Kaplan, Todd R.; Zamir, Shmuel - In: Handbook of game theory with economic applications : …, (pp. 381-453). 2015
As a selling mechanism, auctions have acquired a central position in the free market economy all over the globe. This … development has deepened, broadened, and expanded the theory of auctions in new directions. This chapter is intended as a …
Persistent link: https://www.econbiz.de/10014025452
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Vickrey Auctions with Reserve Pricing
Cramton, Peter; Ausubel, Lawrence M. - University of Maryland, Department of Economics - Peter … - 2004
values and an ex post equilibrium with interdependent values. If the auction is followed by resale, then truthful bidding … remains an equilibrium in the auction-plus-resale game. In settings where resale exhausts all the gains from trade among the …
Persistent link: https://www.econbiz.de/10004988757
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Speculation and demand reduction in English clock auctions with resale
Saral, Krista Jabs - In: Journal of Economic Behavior & Organization 84 (2012) 1, pp. 416-431
Many auctions are followed by a resale market which occurs when the winner of the auction resells the item won to one …. However, this paper will show that active inter-bidder resale results from payoff maximizing decisions in the auction that … take into account the incentives of a resale opportunity. Specifically, I examine how the existence of an inter …
Persistent link: https://www.econbiz.de/10010594585