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.
|Date of creation:||2001|
|Date of revision:|
|Contact details of provider:|| Postal: Spandauer Str. 1,10178 Berlin|
Web page: http://www.wiwi.hu-berlin.de/
More information through EDIRC
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.:
- van Damme, Eric, 2002.
"The European UMTS-auctions,"
European Economic Review,
Elsevier, vol. 46(4-5), pages 846-858, May.
- 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.
- Sandro Brusco & Giuseppe Lopomo, 2004. "Collusion via Signalling in Simultaneous Ascending Bid Auctions with Heterogeneous Objects, with and without Complementarities," Levine's Bibliography 122247000000000385, UCLA Department of Economics.
- Milgrom, Paul, 1998.
"Putting auction theory to work : the simultaneous ascending auction,"
Policy Research Working Paper Series
1986, The World Bank.
- 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.
- Paul Milgrom, . "Putting Auction Theory to Work: The Simultaneous Ascending Auction," Working Papers 98002, Stanford University, Department of Economics.
- Paul Klemperer, 2000.
"What Really Matters in Auction Design,"
Economics Series Working Papers
2000-W26, University of Oxford, Department of Economics.
- Robert Wilson, 1979. "Auctions of Shares," The Quarterly Journal of Economics, Oxford University Press, vol. 93(4), pages 675-689.
- Chatterjee, Kalyan & Samuelson, Larry, 1990.
"Perfect Equilibria in Simultaneous-Offers Bargaining,"
International Journal of Game Theory,
Springer;Game Theory Society, 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.
- Ulrich Kamecke, 1993.
"Dominance or Maximin: How to Solve an English Auction,"
Discussion Paper Serie A
418, University of Bonn, Germany.
- Ulrich Kamecke, 1998. "Dominance or maximin: How to solve an English auction," International Journal of Game Theory, Springer;Game Theory Society, vol. 27(3), pages 407-426.
- Menezes, Flavio M., 1996. "Multiple-unit English auctions," European Journal of Political Economy, Elsevier, vol. 12(4), pages 671-684, December.
- Cramton, Peter, 1998.
European Economic Review,
Elsevier, vol. 42(3-5), pages 745-756, May.
- Christopher Avery, 1998. "Strategic Jump Bidding in English Auctions," Review of Economic Studies, Oxford University Press, vol. 65(2), pages 185-210.
- 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.
- 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.
When requesting a correction, please mention this item's handle: RePEc:zbw:sfb373:200131. 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: (ZBW - German National Library of Economics)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.