Social and Behavioral Sciences Commons^™

Collusive Bidding In The Fcc Spectrum Auctions, Peter Cramton, Jesse Schwartz

Jesse A. Schwartz

This paper describes the bid signaling that occurred in many of the FCC spectrum auctions. Bidders in these auctions bid on numerous spectrum licenses simultaneously, with bidding remaining open on all licenses until no bidder is willing to raise the bid on any license. Simultaneous open bidding allows bidders to send messages to their rivals, telling them on which licenses to bid and which to avoid. This “code bidding” occurs when one bidder tags the last few digits of its bid with the market number of a related license. We examine how extensively bidders signaled each other with retaliating bids …

Controversias Jurisdiccionales Por La Apropiación De Recursos Hídricos, Max Garcia

Max Garcia Sanchez

No abstract provided.

An Analysis Of Auction Volume And Market Competition For The Coastal Forest Regions In British Columbia, Peter Cramton, Susan Athey, Allan Ingraham

Peter Cramton

US-Canada Softwood Lumber Trade Dispute, On behalf of British Columbia Ministry of Forests.

Reserve Prices, Stumpage Fees, And Efficiency, Peter Cramton, Susan Athey, Allan Ingraham

Peter Cramton

US-Canada Softwood Lumber Trade Dispute, On behalf of British Columbia Ministry of Forests.

Setting The Upset Price In British Columbia Timber Auctions, Peter Cramton, Susan Athey, Allan Ingraham

Peter Cramton

US-Canada Softwood Lumber Trade Dispute, On behalf of British Columbia Ministry of Forests.

Path Dependence And The Origins Of Cotton Textile Manufacturing In New England, Joshua L. Rosenbloom

Joshua L. Rosenbloom

During the first half of the nineteenth century the United States emerged as a major producer of cotton textiles. This paper argues that the expansion of domestic textile production is best understood as a path-dependent process that was initiated by the protection provided by the Embargo Act of 1807 and the War of 1812. This initial period of protection ended abruptly in 1815 with the conclusion of the war and the resumption of British imports, but the political climate had been irreversibly changed by the temporary expansion of the industry. After 1815 nascent manufacturers sought to protect the investments they …

Unions, Bargaining And Strikes, Peter Cramton, Joseph Tracy

Peter Cramton

Labor disputes are an intriguing feature of the landscape of industrialized economies. Economists have had a long-standing interest in formulating a framework for understanding and analyzing labor disputes. The development of noncooperative bargaining theory provided the tools for a theory of collective bargaining and labor disputes. A general aim of this theoretical development is to inform policy makers of the efficiency and equity effects associated with different labor laws and institutions that govern and shape the collective bargaining process. While this new literature is still evolving, it can already offer many insights into the interplay between policy and the bargaining …

Demand Reduction And Inefficiency In Multi-Unit Auctions, Peter Cramton, Lawrence M. Ausubel

Peter Cramton

Auctions typically involve the sale of many related goods. Treasury, spectrum and electricity auctions are examples. In auctions where bidders pay the market-clearing price for items won, large bidders have an incentive to reduce demand in order to pay less for their winnings. This incentive creates an inefficiency in multiple-item auctions. Large bidders reduce demand for additional items and so sometimes lose to smaller bidders with lower values. We demonstrate this inefficiency in an auction model which allows interdependent values. We also establish that the ranking of the uniform-price and pay-as-bid auctions is ambiguous in both revenue and efficiency terms. …

Auctioning Timber To Maximize Revenues In British Columbia, Peter Cramton, Susan Athey, Allan Ingraham

Peter Cramton

US-Canada Softwood Lumber Trade Dispute, On behalf of British Columbia Ministry of Forests.

Comments On Alternative Policy Options For Managing Capacity And Mitigating Congestion And Delay At Laguardia Airport, Peter Cramton

Peter Cramton

Recommending auctions to manage congestion at LaGuardia.

A Comparison Of Equation-Based And Parity Pricing Of Stumpage Fees For British Columbia Timber Under Long-Term Tenures, Peter Cramton, Susan Athey, Allan Ingraham

Peter Cramton

US-Canada Softwood Lumber Trade Dispute, On behalf of British Columbia Ministry of Forests.

Testing For Anti-Competitive Bidding In Auction Markets, Peter Cramton, Susan Athey, Allan Ingraham

Peter Cramton

US-Canada Softwood Lumber Trade Dispute, On behalf of British Columbia Ministry of Forests.

Auction-Based Timber Pricing And Complementary Market Reforms In British Columbia, Peter Cramton, Susan Athey, Allan Ingraham

Peter Cramton

US-Canada Softwood Lumber Trade Dispute, On behalf of British Columbia Ministry of Forests.

Declaration Of Peter Cramton, Peter Cramton

Peter Cramton

Comments in support of wireless number portability. For Leap Wireless.

Affidavit Of Peter Cramton, Peter Cramton

Peter Cramton

Comments on proposed changes to how the energy clearing price is calculated. For ISO New England.

Tradeable Carbon Permit Auctions: How And Why To Auction Not Grandfather, Peter Cramton, Suzi Kerr

Peter Cramton

An auction of carbon permits is the best way to achieve carbon caps set by international negotiation to limit global climate change. To minimize administrative costs, permits would be required at the level of oil refineries, natural gas pipe lines, liquid sellers, and coal processing plants. To maximize liquidity in secondary markets, permits would be fully tradable and bankable. The government would conduct quarterly auctions. A standard ascending-clock auction in which price is gradually raised until there is no excess demand would provide reliable price discovery. An auction is preferred to grandfathering (giving polluters permits in proportion to past pollution), …

Spectrum Auctions, Peter Cramton

Peter Cramton

Auctions have emerged as the primary means of assigning spectrum licenses to companies wishing to provide wireless communication services. Since July 1994, the Federal Communications Commission (FCC) has conducted 33 spectrum auctions, assigning thousands of licenses to hundreds of firms. Countries throughout the world are conducting similar auctions. I review the current state of spectrum auctions. Both the design and performance of these auctions are addressed.

Market Power And/Or Efficiency: A Structural Approach, Azzeddine Azzam, Rigoberto Lopez, Liron-Espana Cameron

Azzeddine Azzam

This article separates oligopoly-power and cost-efficiency effects of changes in industrial concentration and assesses their impact on output prices in 32 food-processing industries. Empirical results indicate that although concentration induces cost efficiency in one-third of the industries, oligopoly-power effects either dominate cost efficiency or reinforce inefficiency, resulting in higher output prices in most industries. The article also provides fresh econometric estimates of oligopoly power and economies of size for the industries in question.

Stopping Above-Cost Predatory Pricing, Aaron S. Edlin

Aaron Edlin