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Low price equilibrium in multi-unit auctions: the GSM spectrum auction in Germany

  • Grimm, Veronika
  • Riedel, Frank
  • Wolfstetter, Elmar

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.

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Article provided by Elsevier in its journal International Journal of Industrial Organization.

Volume (Year): 21 (2003)
Issue (Month): 10 (December)
Pages: 1557-1569

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Handle: RePEc:eee:indorg:v:21:y:2003:i:10:p:1557-1569
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/505551

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  1. Milgrom, Paul, 1998. "Putting auction theory to work : the simultaneous ascending auction," Policy Research Working Paper Series 1986, The World Bank.
  2. Professor Paul Klemperer, 2000. "What Really Matters in Auction Design," Microeconomics 0004008, EconWPA.
  3. Ulrich Kamecke, 1998. "Dominance or maximin: How to solve an English auction," International Journal of Game Theory, Springer, vol. 27(3), pages 407-426.
  4. 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.
  5. Sandro Brusco & Giuseppe Lopomo, 2002. "Collusion via Signalling in Simultaneous Ascending Bid Auctions with Heterogeneous Objects, with and without Complementarities," Review of Economic Studies, Oxford University Press, vol. 69(2), pages 407-436.
  6. 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.
  7. Wilson, Robert, 1979. "Auctions of Shares," The Quarterly Journal of Economics, MIT Press, vol. 93(4), pages 675-89, November.
  8. Peter Cramton, 1998. "Ascending Auctions," Papers of Peter Cramton 98eer, University of Maryland, Department of Economics - Peter Cramton, revised 28 Jul 1998.
  9. van Damme, E.E.C., 2002. "The European UMTS-auctions," Other publications TiSEM 6194adbb-6fa3-4fc0-ae52-a, Tilburg University, School of Economics and Management.
  10. Chatterjee, Kalyan & Samuelson, Larry, 1990. "Perfect Equilibria in Simultaneous-Offers Bargaining," International Journal of Game Theory, Springer, vol. 19(3), pages 237-67.
  11. Avery, Christopher, 1998. "Strategic Jump Bidding in English Auctions," Review of Economic Studies, Wiley Blackwell, vol. 65(2), pages 185-210, April.
  12. Menezes, Flavio M., 1996. "Multiple-unit English auctions," European Journal of Political Economy, Elsevier, vol. 12(4), pages 671-684, December.
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