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This paper examines the impact of an incumbent carrier's participation in two simultaneously conducted auctions: one set-aside for non-incumbents and one open to all carriers. This paper estimates the extent to which prices in the closed auction were inflated by the participation of incumbents. This paper also estimates what prices would have been in the open auction had incumbents been excluded from bidding in the closed. It is found that an incumbent's participation in the closed auctiondoi:10.2139/ssrn.387300 fatcat:d4ekkzi5afeetjhgbmr4aavjui