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Simultaneous Auctions with Synergies

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  • Vijay Krishna
  • Robert Rosenthal

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Abstract

Motivated by recent auctions of licenses for the radio frequency spec trum, we consider situations where multiple objects are auctioned simultaneousl y by means of a second-price, sealed-bid auction. For some buyers, called globa l bidders, the value of multiple objects exceeds the sum of the objects' values separately. Others, called local bidders, are interested in only one object. I n a simple independent private values setting, we (a) characterize an equilibri um that is symmetric among the global bidders; (b) show that the addition of bi dders often leads to less aggressive bidding; and (c) compare the revenues obta ined from the simultaneous auction to those from its sequential counterpart.

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Bibliographic Info

Paper provided by Boston University - Industry Studies Programme in its series Papers with number 0056.

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Date of creation: Mar 1995
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Handle: RePEc:fth:bostin:0056

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Postal: Boston University, Industry Studies Program; Department of Economics, 270 Bay Road, Boston, Massachusetts 02215.
Phone: 617-353-4389
Fax: 617-353-444
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Web page: http://www.bu.edu/econ/isp/
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  1. repec:att:wimass:9008 is not listed on IDEAS
  2. Paul Milgrom & Robert J. Weber, 1981. "A Theory of Auctions and Competitive Bidding," Discussion Papers 447R, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  3. repec:att:wimass:9318 is not listed on IDEAS
  4. Maskin, Eric & Riley, John, 2000. "Asymmetric Auctions," Review of Economic Studies, Wiley Blackwell, vol. 67(3), pages 413-38, July.
  5. Krishna, K., 1990. "Auctions with Endogenous Valuations: The Persistence of Monopoly Revisited," Papers 472, Stockholm - International Economic Studies.
  6. Krishna, Vijay & Morgan, John, 1997. "An Analysis of the War of Attrition and the All-Pay Auction," Journal of Economic Theory, Elsevier, vol. 72(2), pages 343-362, February.
  7. John McMillan, 1994. "Selling Spectrum Rights," Journal of Economic Perspectives, American Economic Association, vol. 8(3), pages 145-162, Summer.
  8. Gale, Ian, 1990. "A multiple-object auction with superadditive values," Economics Letters, Elsevier, vol. 34(4), pages 323-328, December.
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