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A Combinatorial Auction with Multiple Winners for Universal Service

  • Frank Kelly

    ()

    (University of Cambridge, Statistical Laboratory, Cambridge, England CB2 1SB)

  • Richard Steinberg

    ()

    (University of Cambridge, The Judge Institute, Cambridge, England CB2 1AG)

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    We describe a discrete-time auction procedure called PAUSE (Progressive Adaptive User Selection Environment) for use in assigning COLR (Carrier of Last Resort) responsibility for universal service. The auction incorporates synergies by permitting all combinatorial bids, is transparent to the bidders, allows for multiple winners, and minimizes the possibility of bidder collusion. The procedure is computationally tractable for the auctioneer and thus very efficient to run. The inherent computational complexity of combinatorial bidding cannot be eliminated. However, in this auction the computational burden of evaluating synergies rests with the bidders claiming those synergies, while the auctioneer simply checks that a bid is valid.

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    File URL: http://dx.doi.org/10.1287/mnsc.46.4.586.12054
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    Article provided by INFORMS in its journal Management Science.

    Volume (Year): 46 (2000)
    Issue (Month): 4 (April)
    Pages: 586-596

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    Handle: RePEc:inm:ormnsc:v:46:y:2000:i:4:p:586-596
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    1. S.J. Rassenti & V.L. Smith & R.L. Bulfin, 1982. "A Combinatorial Auction Mechanism for Airport Time Slot Allocation," Bell Journal of Economics, The RAND Corporation, vol. 13(2), pages 402-417, Autumn.
    2. Peter Cramton, 1997. "The FCC Spectrum Auctions: An Early Assessment," Papers of Peter Cramton 97jemsfcc, University of Maryland, Department of Economics - Peter Cramton, revised 12 Jul 1998.
    3. Paul Klemperer, 1997. "Auctions with Almost Common Values: The Wallet Game and its Applications," Economics Series Working Papers 1998-W03, University of Oxford, Department of Economics.
    4. Jeffrey S. Banks & John O. Ledyard & David P. Porter, 1989. "Allocating Uncertain and Unresponsive Resources: An Experimental Approach," RAND Journal of Economics, The RAND Corporation, vol. 20(1), pages 1-25, Spring.
    5. David P. Porter, 1999. "The effect of bid withdrawal in a multi-object auction," Review of Economic Design, Springer;Society for Economic Design, vol. 4(1), pages 73-97.
    6. Michael H. Rothkopf & Aleksandar Peke\v{c} & Ronald M. Harstad, 1998. "Computationally Manageable Combinational Auctions," Management Science, INFORMS, vol. 44(8), pages 1131-1147, August.
    7. B. Douglas Bernheim & Michael D. Whinston, 1986. "Menu Auctions, Resource Allocation, and Economic Influence," The Quarterly Journal of Economics, Oxford University Press, vol. 101(1), pages 1-31.
    8. R. Preston McAfee & John McMillan, 1996. "Analyzing the Airwaves Auction," Journal of Economic Perspectives, American Economic Association, vol. 10(1), pages 159-175, Winter.
    9. John O. Ledyard & David Porter & Antonio Rangel, 1997. "Experiments Testing Multiobject Allocation Mechanisms," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 6(3), pages 639-675, 09.
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