Putting Auction Theory to Work: The Simultaneous Ascending Auction
نویسندگان
چکیده
منابع مشابه
Putting Auction Theory to Work: The Simultaneous Ascending Auction
We review the uses of economic theory in the initial design and later improvement of the “simultaneous ascending auction,” which was developed initially for the sale of radio spectrum licenses in the US, with efficiency of the final allocation as the statutory goal. We analyze some capabilities and inherent limitations of the auction, the roles of various detailed rules, the possibilities for i...
متن کاملPutting Auction Theory to Work
A catalog record for this book is available from the British Library.
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Ascending auctions with package bidding and their economic uses are explained and the main results of recent FCC-sponsored experiments with such auctions are summarized. A benchmark model is formulated that accounts for the experimental results. In the benchmark, if each bidder bids “straightforwardly” at each round for its potentially most profitable package, then the total payoff is approxima...
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We provide a Bayes-Nash equilibrium analysis of the simultaneous ascending auction (SAA) when local bidders interested in a single item compete against global bidders interested in aggregating many items. We first assume that each local bidder values only a specific item, e.g. the license for the region where it has monopoly power, and that global bidders’ valuation functions are convex. For th...
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We show why the failure of the affiliation assumption prevents the double auction from achieving efficient outcomes when values are interdependent. This motivates the study of an ascending price version of the double auction. It is shown that when there is a sufficiently large, but still finite, number of sellers, this mechanism has an approximate perfect Bayesian equilibrium in which traders c...
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ژورنال
عنوان ژورنال: Journal of Political Economy
سال: 2000
ISSN: 0022-3808,1537-534X
DOI: 10.1086/262118