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Spectrum license auctions with exit (and call) options: Alternative remedies for the exposure problem

Luke Hu, Elmar G. Wolfstetter
2014 Information Economics and Policy  
We consider three remedies: a (constrained) Vickrey package auction, an English clock auction with exit option that allows the entrant to annul his bid, and an English clock auction with exit and entry  ...  Inspired by some spectrum auctions, we consider a stylized license auction with incumbents and one entrant.  ...  Package auctions were designed to deal with synergies in auctions and the resulting exposure problems.  ... 
doi:10.1016/j.infoecopol.2014.04.002 fatcat:kmz4uezt4vganbepuggfjv6puq

Infrastructure Policy: Basic Design Options

Michael U. Klein
2012 Social Science Research Network  
Fiscal strains also provide government with an interest to seek alternative options such as private finance for private generators.  ...  Alternatively such requirements may be laid down in licenses, laws or other types of regulations.  ... 
doi:10.2139/ssrn.2193774 fatcat:nj22faqtjjajbbt5s4qnf5jmjy

Exactitude in Defining Rights: Radio Spectrum and the 'Harmful Interference' Conundrum

Thomas W. Hazlett, Sarah Oh
2012 Social Science Research Network  
In the century since the Radio Act of 1912 initiated U.S. spectrum allocation rules, a precise definition of "harmful interference"-the control of which forms the rationale for regulation-has eluded policymakers  ...  Many episodes illustrate these lessons, including those involving reallocation of the broadcast TV band, the emergence of HD radio, the Nextel/public safety "spectrum swap," and the ongoing WCS/SDARS dispute  ...  licenses had been auctioned and assigned, these overlay licensees could then bargain with the incumbents to release their spectrum by moving to an alternative option-induced by payments from the overlay  ... 
doi:10.2139/ssrn.2135098 fatcat:kymlyh73uvdopjtdzml23re35y

COORDINATING PRIVATE CLASS ACTION AND PUBLIC AGENCY ENFORCEMENT OF ANTITRUST LAW

David Rosenberg, James P. Sullivan
2006 Journal of Competition Law & Economics  
proceeds deposited with and distributed by the court for compensatory purposes; and (v) public enforcer option to buy back the private license at the winning bid price.  ...  Its key elements are (i) mandatorylitigation class action; (ii) total enforcement license initially vested with the public enforcer; (iii) auction of private license to enforce class action; (iv) auction  ...  class action; (iv) auction proceeds deposited with and distributed by the court for compensatory purposes consistent with primary deterrence objectives; and (v) a public enforcer option to buy back the  ... 
doi:10.1093/joclec/nhl007 fatcat:qmwsaaryfjgethdrscexzjgtay

Coordinating Private Class Action and Public Agency Enforcement of Antitrust Law

David Rosenberg, James Patrick Sullivan
2005 Social Science Research Network  
proceeds deposited with and distributed by the court for compensatory purposes; and (v) public enforcer option to buy back the private license at the winning bid price.  ...  Its key elements are (i) mandatorylitigation class action; (ii) total enforcement license initially vested with the public enforcer; (iii) auction of private license to enforce class action; (iv) auction  ...  class action; (iv) auction proceeds deposited with and distributed by the court for compensatory purposes consistent with primary deterrence objectives; and (v) a public enforcer option to buy back the  ... 
doi:10.2139/ssrn.795524 fatcat:qqdvny7zfvga7n5goybcid6pmm

The FCC Spectrum Auctions: An Early Assessment

Peter Cramton
1997 Journal of Economics and Management Strategy  
Similar items sold for similar prices and bidders successfully formed efficient aggregations of licenses. Bidding behavior differed substantially in the auctions.  ...  This paper analyzes six spectrum auctions conducted by the Federal Communications Commission (FCC) from July 1994 to May 1996.  ...  Alternatively, the bidder may be forced to bid beyond its valuation in order to secure the synergies and reduce its loss from being stuck with the dogs. This is the exposure problem.  ... 
doi:10.1111/j.1430-9134.1997.00431.x fatcat:y4plh3jstbfyjirl7rnuooiyle

The FCC Spectrum Auctions: An Early Assessment

Peter Cramton
1997 Journal of Economics and Management Strategy  
Similar items sold for similar prices and bidders successfully formed efficient aggregations of licenses. Bidding behavior differed substantially in the auctions.  ...  This paper analyzes six spectrum auctions conducted by the Federal Communications Commission (FCC) from July 1994 to May 1996.  ...  Alternatively, the bidder may be forced to bid beyond its valuation in order to secure the synergies and reduce its loss from being stuck with the dogs. This is the exposure problem.  ... 
doi:10.1162/105864097567165 fatcat:u7h3p45jtbfvpjk2kqqm6iuy5e

The Work of Milgrom and Wilson in the Theory and Practical Application of Auctions

Péter Biró, Gyula Magyarkuti
2021 Financial and economic review  
Finally, we provide an outlook for the future of the topic with a brief description of the interdisciplinary areas of engineering economics and market design.  ...  This paper seeks to provide insight into the field of auction theory to the general readership, the area of the 2020 Nobel laureates in Economic Sciences, Paul Milgrom and Robert Wilson.  ...  10 million for the garage, where buyer C exits the auction.  ... 
doi:10.33893/fer.20.1.127151 fatcat:6uth3bgizzhh3d6ftvswnebl4u

The Rise and Demise of the Technology-Specific Approach to the First Amendment

Christopher S. Yoo
2002 Social Science Research Network  
The FCC's recent success with auctions and the longstanding existence of a robust market for broadcast stations has since validated the idea that spectrum licenses can be allocated effectively through  ...  Although the statute only required auctions for applications filed on or after July 1, 1997, Congress gave the FCC the option of using auctions to resolve the backlog of disputes that had accrued following  ...  their licenses for free.  ... 
doi:10.2139/ssrn.319123 fatcat:dbj2t6pxkfcg3hbaicm73qyjma

Competition in Bidding Markets

2010 OECD Journal of Competition Law and Policy  
The above definition of affiliation follows pp. 50-51. A general definition is at Milgrom (2004) , 5.4.1. Affiliation, p. 182 and following.  ...  to exercise the option for auctioning additional licenses.  ...  regulator, called for a multiple round, simultaneous, and ascending auction to allocate broadband PCS spectrum.  ... 
doi:10.1787/clp-10-5kmhbhp8sgs6 fatcat:pklp4q3vorazxcsuaioafy3xri

Georgia: Financial Sector Assessment Program-Safety Nets, Bank Resolution, and Crisis Preparedness and Management Arrangements -Technical Note

International Monetary Fund
2015 IMF Staff Country Reports  
The National Bank of Georgia (NBG) is the lead authority responsible for managing problem banks, as it can appoint a temporary administrator, declare a bank as insolvent and bankrupt, and commence a liquidation  ...  This special carve-out can expose the NBG to financial risks-the existence of a systemic threat, rather, calls for a role to be played by the government.  ...  The NBG Supervision Department is vested with the task of handling problem banks, and does so by defining the resolution strategy, examining possible alternative options and assessing the related costs  ... 
doi:10.5089/9781498375979.002 fatcat:mkbfmfhbsna5ldtnpxisbqphcy

Heller's Gridlock Economy in Perspective: Why There is Too Little, Not Too Much, Private Property

Richard A. Epstein
2009 Social Science Research Network  
(as with employment law); the excessive role of government permitting (as with real estate development); and the use of creative private techniques to overcome gridlock (as with patent licensing as a  ...  These include the use of excessive government subsidies (as with health care); misguided government licenses (as with broadcast licenses); the unwise use of government power to create gridlock situations  ...  occupation and utilization of spaces and forces the use of auctions to privatize the spectrum.  ... 
doi:10.2139/ssrn.1505626 fatcat:fpa3xtck4vdc7dxw6mq3mi5sha

Republic of Serbia: Financial Sector Assessment Program Update: Financial System Stability Assessment

International Monetary Fund
2010 IMF Staff Country Reports  
The NBS is responsible for licensing, regulation and supervision of the aforementioned banks, hereinafter called "scheduled banks."  ...  Licensing and structure (CP 2 -5) 20. The new LOB has brought major improvements, notably with regard to the licensing process and the legal framework for transfer of significant ownership.  ...  NBS Done in NBS Decision, December 2005 Enforce the limits for exposure to large borrowers with respect to state-controlled banks.  ... 
doi:10.5089/9781455205639.002 fatcat:dxudcpvn3nemzai3jrwhxgc7du

What Is So Special about Intangible Property? The Case for Intelligent Carryovers

Richard A. Epstein
2010 Social Science Research Network  
, in the grand spirit of the New Deal, that determination never utilized an auction option that would create permanent private licenses subject only to an anti-interference restraint, a limitation which  ...  The first deals with the rules of acquisition and relates to the problem of excessive hunting and fishing in the commons, with the consequent creation of a commons problem leading to the premature extinction  ... 
doi:10.2139/ssrn.1659999 fatcat:4hxpynomnjh2tbqrj4uc5nrn4m

9. Auctions A Survey of Experimental Research [chapter]

John H. Kagel, Dan Levin, John H. Kagel, Alvin E. Roth
2016 The Handbook of Experimental Economics, Volume Two  
Cramton and Swartz (2002) provide evidence for BL type collusion in the FCC's auctions for spectrum licenses.  ...  With strong complementarities present package bidding solves the exposure problem.  ... 
doi:10.1515/9781400883172-010 fatcat:qlhofgsdhva47e44vanm3vsu7u
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