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| Author: | Binmore, K. Klemperer, P. |
| Title: | The biggest auction ever: the sale of the British 3G Telecom licences |
| Journal: | Economic Journal
2002 : MAR, VOL. 112:478, p. C74-C96 |
| Index terms: | Auctions Telecommunication Licensing United Kingdom |
| Freeterms: | UMTS 3G |
| Language: | eng |
| Abstract: | The paper reviews the part played by economists in organising the British third-generation mobile-phone licence auction that concluded on 27 April 2000. It raised £22½ billion ($34 billion or 2½ of GNP) and was widely described at the time as the biggest auction ever. The authors discuss the merits of auctions versus 'beauty contests', the aims of the auction, the problems we faced, the auction designs they considered, and the mistakes that were made. |
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