Tuesday, 24 June 2014
The FCC has hired you as a consultant to design an auction to sell wireless spectrum rights.
The FCC has hired you as a consultant to design an auction to sell
wireless spectrum rights. The FCC indicates that its goal of using
auctions to sell these spectrum rights is to generate revenue. Since
most bidders are large telecommunications companies, you rationally
surmise that all participants in the auction are risk neutral. Which
auction type—first-price, second-price, English, or Dutch—would you
recommend if all bidders value spectrum rights identically but have
different estimates of the true underlying value of spectrum rights?
Explain.
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