Spectrum license auctions with exit (and call) options: Alternative remedies for the exposure problem
نویسندگان
چکیده
Inspired by some spectrum auctions we consider a stylized license auction with incumbents and a potential entrant. Whereas the entrant values only the bundle of several spectrum blocks (synergy), incumbents’ marginal valuations are nonincreasing. The seller proactively encourages entry and subjects incumbents to a spectrum cap. In this framework, a simultaneous multi-round auction (SMRA) gives rise to an exposure problem that distorts efficiency and yields low revenue. We consider three remedies and rank their performance: a combinatorial Vickrey auction, a SMRA with exit option that allows the entrant to annul his bid, and a SMRA with exit and call option that lifts the spectrum cap if entry failed to occur and then allows the successful incumbent to acquire stranded spectrum at a fixed price.
منابع مشابه
Achieving Simultaneous Spectrum Utilization and Revenue Improvements in Practical Wireless Spectrum Auctions
Spectrum is a valuable, scarce and finite natural resource that is needed for many different applications, so efficient use of the scarce radio spectrum is important for accommodating the rapid growth of wireless communications. Spectrum auctions are one of the best-known market-based solutions to improve the efficiency of spectrum use. However, Spectrum auctions are fundamentally differen...
متن کاملWinner Determination in Combinatorial Auctions using Hybrid Ant Colony Optimization and Multi-Neighborhood Local Search
A combinatorial auction is an auction where the bidders have the choice to bid on bundles of items. The WDP in combinatorial auctions is the problem of finding winning bids that maximize the auctioneer’s revenue under the constraint that each item can be allocated to at most one bidder. The WDP is known as an NP-hard problem with practical applications like electronic commerce, production manag...
متن کاملAn Optimization Framework for Combining the Petroleum Replenishment Problem with the Optimal Bidding in Combinatorial Auctions
We address in this paper a periodic petroleum station replenishment problem (PPSRP) that aims to plan the delivery of petroleum products to a set of geographically dispatched stations. It is assumed that each station is characterized by its weekly demand and by its frequency of service. The main objective of the delivery process is to minimize the total travelled distance by the vailable trucks...
متن کاملCommercialism, Holism, and Individual Responsibility; Comment on “Buying Health: The Costs of Commercialism and an Alternative Philosophy”
Churchill and Churchill’s editorial discusses negative (health) effects of commercialism in the provision of health care and nutrition. Three parts of their argument are commented: the claim that the fundamental problem of markets is the decomposition of the whole into parts (“reductionism”); the call for individual responsibility; and the notion of holism. On the three aspects the commentary c...
متن کاملExposure to electromagnetic fields at two call centers in Turkey, 2015
Background: This study aims to evaluate the negative health impacts of exposure to electromagnetic field and to prepare a risk map of two selected call centers. Materials and Methods: Two call centers whose electromagnetic field values were measured by calibrated low high and point frequency measurement device. The measurements were performed by following the EN 50492 Standards. 178 employees ...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید
ثبت ناماگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید
ورودعنوان ژورنال:
- Information Economics and Policy
دوره 27 شماره
صفحات -
تاریخ انتشار 2014