2005-10-12Buch DOI: 10.18452/3547
Low Price Equilibrium in Multi–Unit Auctions: The GSM Spectrum Auction in Germany
The second–generation GSM spectrum auction in Germany is probably the most clear cut example of a low price outcome in a simultaneous ascending–bid auction. The present paper gives an account of the events, describes the auction rules and market conditions, and provides a theoretical explanation of low price equilibria in simultaneous, ascending–bid auctions. In particular it is shown that the low price equilibrium that implements the efficient allocation is the unique perfect equilibrium of that game.
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