Auctions to implement the efficient market structure
نویسندگان
چکیده
We consider a regulator who does not know how many firms should be granted a license to enter a market as he has limited information on their setup costs. We propose two auction formats which implement the efficient market structure. One is called ”jumping English auction”, where the price for a license increases continuously most of the times, but jumps at pre-specified points. The other is called ”modified German auction” because its design is closely related to the German UMTS auction format. Here bidders can bid on one or more packages out of a given number of packages. JEL classification: D43, D44, D45
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