Low price equilibrium in multi-unit auctions: the GSM spectrum auction in Germany
The second-generation GSM spectrum auction in Germany is probably the most clear cut example of a low price outcome in a simultaneous ascending-bid auction. The present paper gives an account of the events, describes the auction rules and market conditions, and provides a theoretical explanation of low price equilibria in simultaneous, ascending-bid auctions. In particular it is shown that the low price equilibrium that implements the efficient allocation is the unique perfect equilibrium of that game.
(This abstract was borrowed from another version of this item.)
Volume (Year): 21 (2003)
Issue (Month): 10 (December)
|Contact details of provider:|| Web page: http://www.elsevier.com/locate/inca/505551|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Robert Wilson, 1979. "Auctions of Shares," The Quarterly Journal of Economics, Oxford University Press, vol. 93(4), pages 675-689.
- Peter Cramton, 1998.
Papers of Peter Cramton
98eer, University of Maryland, Department of Economics - Peter Cramton, revised 28 Jul 1998.
- Menezes, Flavio M., 1996. "Multiple-unit English auctions," European Journal of Political Economy, Elsevier, vol. 12(4), pages 671-684, December.
- Paul Klemperer, 2000.
"What Really Matters in Auction Design,"
Economics Series Working Papers
2000-W26, University of Oxford, Department of Economics.
- van Damme, Eric, 2002.
"The European UMTS-auctions,"
European Economic Review,
Elsevier, vol. 46(4-5), pages 846-858, May.
- Paul Milgrom, .
"Putting Auction Theory to Work: The Simultaneous Ascending Auction,"
98002, Stanford University, Department of Economics.
- Paul Milgrom, 2000. "Putting Auction Theory to Work: The Simultaneous Ascending Auction," Journal of Political Economy, University of Chicago Press, vol. 108(2), pages 245-272, April.
- Milgrom, Paul, 1998. "Putting auction theory to work : the simultaneous ascending auction," Policy Research Working Paper Series 1986, The World Bank.
- Veronika Grimm & Frank Riedel & Elmar G. Wolfstetter, 2001.
"The Third Generation (UMTS) Spectrum Auction in Germany,"
CESifo Working Paper Series
584, CESifo Group Munich.
- Grimm, Veronika & Riedel, Frank & Wolfstetter, Elmar, 2001. "The third generation (UMTS) spectrum auction in Germany," SFB 373 Discussion Papers 2001,70, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.
- repec:oup:restud:v:65:y:1998:i:2:p:185-210 is not listed on IDEAS
- Ulrich Kamecke, 1998.
"Dominance or maximin: How to solve an English auction,"
International Journal of Game Theory,
Springer, vol. 27(3), pages 407-426.
- Ulrich Kamecke, 1993. "Dominance or Maximin: How to Solve an English Auction," Discussion Paper Serie A 418, University of Bonn, Germany.
- Chatterjee, Kalyan & Samuelson, Larry, 1990.
"Perfect Equilibria in Simultaneous-Offers Bargaining,"
International Journal of Game Theory,
Springer, vol. 19(3), pages 237-67.
- Chatterjee, K. & Samuelson, L., 1989. "Perfect Equilibria In Simultaneous- Offers Bargaining," Papers 12-87-3, Pennsylvania State - Department of Economics.
- Richard Engelbrecht-Wiggans & Charles M. Kahn, 2005. "Low-Revenue Equilibria in Simultaneous Ascending-Bid Auctions," Management Science, INFORMS, vol. 51(3), pages 508-518, March.
- repec:oup:restud:v:69:y:2002:i:2:p:407-36 is not listed on IDEAS
When requesting a correction, please mention this item's handle: RePEc:eee:indorg:v:21:y:2003:i:10:p:1557-1569. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei)
If references are entirely missing, you can add them using this form.