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| Author: | Jehiel, P. Moldovanu, B. |
| Title: | An economic perspective on auctions |
| Journal: | Economic Policy
2003 : APR, 36, p. 269-308 |
| Index terms: | ECONOMICS AUCTIONS EUROPE BIDDING |
| Language: | eng |
| Abstract: | The recent spectrum auctions in Europe have shown that serious problems can arise in auctions where multiple complementary objects are being sold (such as blocks of radio spectrum) that will subsequently be used by the winning bidders to compete against each other in downstream markets. Other important instances of such situations include take-off and landing slots at airports and rights for electricity and gas transmission. The authors first review some of the theory describing multi- object auctions. The authors next outline the importance of strategic effects arising in auctions that are followed by competition between the bidders, and the tension arising between various goals such as efficiency and revenue maximization. |
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