Money Out of Thin Air: The Nationwide Narrowband PCS Auction
P. Cramton. Journal of Economics and Management Strategy, (1995)
Abstract
The Federal Communications Commission held its first auction of
radio spectrum at the Nationwide Narrowband PCS Auction in July
1994. The simultaneous multiple-round auction, which lasted five
days, was an ascending bid auction in which all licenses were
offered simultaneously. This paper describes the auction rules
and how bidders prepared for the auction. The full history of
bidding is presented. Several questions for auction theory are
discussed. In the end, the goverment collected \$617 million for
ten licenses. The auction was viewed by all as a huge success ---
an excellent example of bringing economic theory to bear on
practical problems of allocating scarce resources.
%0 Journal Article
%1 Cramton1995
%A Cramton, Peter
%D 1995
%J Journal of Economics and Management Strategy
%K PCS auctions spectrum
%P 267-343
%T Money Out of Thin Air: The Nationwide Narrowband PCS Auction
%V 4
%X The Federal Communications Commission held its first auction of
radio spectrum at the Nationwide Narrowband PCS Auction in July
1994. The simultaneous multiple-round auction, which lasted five
days, was an ascending bid auction in which all licenses were
offered simultaneously. This paper describes the auction rules
and how bidders prepared for the auction. The full history of
bidding is presented. Several questions for auction theory are
discussed. In the end, the goverment collected \$617 million for
ten licenses. The auction was viewed by all as a huge success ---
an excellent example of bringing economic theory to bear on
practical problems of allocating scarce resources.
@article{Cramton1995,
abstract = {The Federal Communications Commission held its first auction of
radio spectrum at the Nationwide Narrowband PCS Auction in July
1994. The simultaneous multiple-round auction, which lasted five
days, was an ascending bid auction in which all licenses were
offered simultaneously. This paper describes the auction rules
and how bidders prepared for the auction. The full history of
bidding is presented. Several questions for auction theory are
discussed. In the end, the goverment collected \$617 million for
ten licenses. The auction was viewed by all as a huge success ---
an excellent example of bringing economic theory to bear on
practical problems of allocating scarce resources.},
added-at = {2006-09-13T17:44:28.000+0200},
author = {Cramton, Peter},
biburl = {https://www.bibsonomy.org/bibtex/2450644cf5a7b80064611f66627cbf298/jmm},
description = {JMM master bibtex},
interhash = {b6fdd02c7c1a2b3550b693cc420a2f41},
intrahash = {450644cf5a7b80064611f66627cbf298},
jmm_note = {98},
journal = {Journal of Economics and Management Strategy},
keywords = {PCS auctions spectrum},
pages = {267-343},
timestamp = {2006-09-13T17:44:28.000+0200},
title = {Money Out of Thin Air: The Nationwide Narrowband {PCS} Auction},
volume = 4,
year = 1995
}