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We examine bid data from the first two broadband PCS spectrum auctions for evidence of value synergies. First, we estimate a benchmark regression for the determinants of final auction prices. Then, we include variables reflecting the extent to which bidders ultimately won or already owned the...
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Allowing resale in multi-object auctions increases bidders. incentives to jointly reduce demand, because resale increases low-value bidders’ willingness to pay and reduces high-value bidders’ willingness to pay. Therefore (unlike in single-object auctions), resale may reduce the seller’s...
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The possibility of resale after an auction attracts speculators (i.e., bidders who have no use value for the objects on sale). In a multi-object auction, a high-value bidder may strictly prefer to let a speculator win some of the objects and then buy in the resale market, in order to keep the...
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We consider the problem of allocating heterogeneous objects to agents with money, where the number of agents exceeds that of objects. Each agent can receive at most one object, and some objects may remain unallocated. A bundle is a pair consisting of an object and a payment. An agent's...
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