Availability: Efficiency, auctioneer revenue, and bidding behavior in the combinatorial clock auction

Efficiency, auctioneer revenue, and bidding behavior in the combinatorial clock auction: an analysis in the context of European spectrum auctions

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Bibliographic Details
Main Author:	Wolf, Jürgen (Author)
Format:	Thesis/Dissertation Book
Language:	English
Published:	2012
Subjects:	Hochschulschrift
Links:	http://mediatum.ub.tum.de/node?id=1084480 https://nbn-resolving.org/urn:nbn:de:bvb:91-diss-20120508-1084480-0-2 http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025776915&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
Physical Description:	XIV, 180 S. graph. Darst.

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adam_text	CONTENTS ABSTRACT I ACKNOWLEDGEMENTS III LIST OF FIGURES XI LIST OF TABLES XIII 1 INTRODUCTION 1 1.1 THE DOMAIN OF SPECTRUM SALES 5 1.2 COMBINATORIAL AUCTIONS FOR SPECTRUM SALES 7 1.3 RELATED LITERATURE 9 1.4 RESEARCH OBJECTIVES 12 1.5 CONTRIBUTIONS 14 1.6 OUTLINE 16 2 DESIGN OF COMBINATORIAL AUCTION MECHANISMS 19 2.1 ECONOMIC ENVIRONMENT AND NOTATION 21 2.1.1 COMPLEMENTS AND SUBSTITUTES 22 2.1.2 PRIVATE, COMMON, AND AFFILIATED VALUES 23 2.2 AUCTION DESIGN GOALS 24 2.3 DETERMINATION OF WINNERS 27 V HTTP://D-NB.INFO/1060577070 VI CONTENTS 2.4 DETERMINATION OF PAYMENTS 29 2.4.1 FIRST-PRICE RULE 30 2.4.2 SECOND-PRICE RULE 31 2.4.3 THE CORE 32 2.5 RELEVANT GAME-THEORETICAL SOLUTION CONCEPTS 34 2.6 COMBINATORIAL AUCTIONS 36 2.6.1 VICKREY-CLARKE-GROVES AUCTION (VCG) 37 2.6.1.1 STRENGTHS OF THE VCG AUCTION 38 2.6.1.2 WEAKNESSES OF THE VCG AUCTION 40 2.6.2 ITERATIVE COMBINATORIAL AUCTIONS 43 2.6.2.1 SIMULTANEOUS CLOCK 47 2.6.2.2 ASCENDING PROXY AUCTION 49 2.6.3 VCG OUTCOMES VERSUS CORE OUTCOMES 50 2.7 PERFORMANCE MEASURES 52 3 AUCTION FORMATS 55 3.1 SIMULTANEOUS MULTI-ROUND AUCTION (SMRA) 56 3.1.1 EXPOSURE RISK 57 3.1.2 LIMITED SUBSTITUTION 58 3.1.3 EQUILIBRIUM STRATEGIES 58 3.2 COMBINATORIAL CLOCK AUCTION (CCA) 59 3.2.1 CCA AS A TWO-STAGE DESIGN 60 3.2.2 ANCHOR ACTIVITY RULE 62 3.2.3 WINNER DETERMINATION 64 3.2.4 CLOSEST-TO-VICKREY CORE PAYMENTS 66 3.2.4.1 INPUTS FOR THE ITERATIVE APPROACH 69 3.2.4.2 ITERATIVE APPROACH 71 CONTENTS VII 3.2.5 BIDDING STRATEGIES 73 3.2.5.1 BUNDLE SELECTION 74 3.2.5.2 BID SHADING 75 3.2.6 RELATION TO THE CLOCK-PROXY AUCTION AND THE PACKAGE CLOCK 77 3.2.6.1 CLOCK-PROXY AUCTION 77 3.2.6.2 PACKAGE CLOCK 81 4 LABORATORY EXPERIMENTS 85 4.1 METHODOLOGICAL APPROACH OF LAB EXPERIMENTS 86 4.2 CLASSIFICATION OF LAB EXPERIMENTS 88 4.3 INTERNAL AND EXTERNAL VALIDITY 89 4.4 COMPETITIONS 91 4.4.1 SPECTRUM AUCTIONS AS COMPLEX MARKETS 91 4.4.2 CHARACTERISTICS OF COMPETITIONS 92 4.4.3 PRE-STUDY WITH COMPETITIONS 94 4.4.3.1 THE GERMAN 4G AUCTION OF 2010 95 4.4.3.2 EXPERIMENTAL SETUP 98 4.4.3.3 RESULTS AND CONCLUSION 98 5 ANALYSIS OF CCA AND SMRA 101 5.1 EXPERIMENTAL DESIGN 101 5.1.1 ECONOMIC SETTING AND VALUE MODELS 102 5.1.1.1 THE BASE VALUE MODEL 102 5.1.1.2 THE MULTIBAND VALUE MODEL 104 5.1.1.3 THE RNULTIBAND SMA II VALUE MODEL 104 5.1.1.4 OVERVIEW OF VALUE MODELS 105 VIII CONTENTS 5.1.2 AUCTION FORMATS 106 5.1.2.1 SIMULTANEOUS MULTI-ROUND AUCTION 107 5.1.2.2 COMBINATORIAL CLOCK AUCTION 108 5.1.3 COMPETITIONS 109 5.2 TREATMENT STRUCTURE 110 5.3 ORGANIZATION ILL 5.4 RESULTS 112 5.4.1 AGGREGATE MEASURES 113 5.4.2 BIDDER BEHAVIOR IN THE SMRA 119 5.4.3 BIDDER BEHAVIOR IN THE CCA 127 5.4.4 SUMMARY 136 6 CONCLUSIONS 139 APPENDIX A PRE-STUDY WITH COMPETITIONS 145 A.L EXPERIMENTAL SETUP 145 A. 1.1 AUCTION RULES AND ECONOMIC ENVIRONMENT 145 A. 1.2 VALUE MODEL 147 A.2 TREATMENT STRUCTURE AND ORGANIZATION 149 A.3 RESULTS 150 A.3.1 AUCTION OUTCOMES 151 A.3.2 SIGNALING 153 A.3.3 BUDGET BLUFFING 157 A.3.4 ELIGIBILITY MANAGEMENT 159 CONTENTS IX APPENDIX B EXPERIMENTAL STUDY OF CCA AND SMRA 161 B.L EXAMPLE VALUATION SHEETS 161 B.2 SCREENSHOTS OF THE BIDDING INTERFACES 163 B.3 RELATIVE EFFICIENCY 164 B.4 BIDDING BEHAVIOR IN CCA: ADDITIONAL PLOTS AND TABLES 165 B.4.1 BASE VALUE MODEL 165 B.4.2 MULTIBAND VALUE MODEL 166 B.5 ADDITIONAL RESULTS OF THE COMPETITION 168 BIBLIOGRAPHY 171
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spellingShingle	Wolf, Jürgen Efficiency, auctioneer revenue, and bidding behavior in the combinatorial clock auction an analysis in the context of European spectrum auctions
subject_GND	(DE-588)4113937-9
title	Efficiency, auctioneer revenue, and bidding behavior in the combinatorial clock auction an analysis in the context of European spectrum auctions
title_auth	Efficiency, auctioneer revenue, and bidding behavior in the combinatorial clock auction an analysis in the context of European spectrum auctions
title_exact_search	Efficiency, auctioneer revenue, and bidding behavior in the combinatorial clock auction an analysis in the context of European spectrum auctions
title_full	Efficiency, auctioneer revenue, and bidding behavior in the combinatorial clock auction an analysis in the context of European spectrum auctions Jürgen Wolf
title_fullStr	Efficiency, auctioneer revenue, and bidding behavior in the combinatorial clock auction an analysis in the context of European spectrum auctions Jürgen Wolf
title_full_unstemmed	Efficiency, auctioneer revenue, and bidding behavior in the combinatorial clock auction an analysis in the context of European spectrum auctions Jürgen Wolf
title_short	Efficiency, auctioneer revenue, and bidding behavior in the combinatorial clock auction
title_sort	efficiency auctioneer revenue and bidding behavior in the combinatorial clock auction an analysis in the context of european spectrum auctions
title_sub	an analysis in the context of European spectrum auctions
topic_facet	Hochschulschrift
url	http://mediatum.ub.tum.de/node?id=1084480 https://nbn-resolving.org/urn:nbn:de:bvb:91-diss-20120508-1084480-0-2 http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025776915&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
work_keys_str_mv	AT wolfjurgen efficiencyauctioneerrevenueandbiddingbehaviorinthecombinatorialclockauctionananalysisinthecontextofeuropeanspectrumauctions

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