This paper analyzes six spectrum auctions conducted by the Federal Communications Commission (FCC) from July 1994 to May 1996. These auctions were simultaneous multiple-round auctions in which collections of licenses were auctioned simultaneously. This auction form proved remarkably successful. Similar items sold for similar prices and bidders successfully… (More)
Combinatorial auctions are desirable as they enable bidders to express the synergistic values of a group of assets and thus may lead to better allocations. Compared to other auctions, they keep bidders from being exposed to risks (of receiving only parts of combinations that would be valuable to them) or from being overly cautious (in order to minimize such… (More)
The development of fibrosis involves a multitude of events and molecules. Until now the majority of these molecules were found to be proteins or peptides. But recent data show significant involvement of the phospholipid lysophosphatidic acid (LPA) in the development of pulmonary, liver and renal fibrosis. The latest data on the role of LPA and the… (More)
A variety of economic goods are traded through sequential markets, a set of forward and real-time markets, to improve the efficiency of the final allocation. Under stylized conditions and competitive arbitrage , prices across these markets should equalize in expectation. However, in practical settings, prices across sequential markets often do not converge.… (More)
Preliminary and incomplete: please do not cite.
Activation of signal transducer and activator of transcription (STAT)3 correlates with proliferation of extracapillary glomerular epithelial cells and the extent of renal injury in glomerulonephritis. To delineate the role of STAT3 in glomerular epithelial cell proliferation, we examined the development of nephrotoxic serum-induced glomerulonephritis in… (More)
This paper takes an axiomatic approach to determining " Fair, Reasonable, and Non-Discriminatory " (" FRAND ") royalties for intellectual property (" IP ") rights. Drawing on the extensive game theory literature on " surplus sharing/cost sharing " problems, I describe specific formulas for determining license fees that can be derived from basic fairness… (More)
The issue of market-based versus mandated standards has been addressed in many settings. In most settings in which network effects are present, compatibility across platforms has been a key determinant of the success or failure of a particular technology. In the case of wireless telecommunications, however, interconnection and the availability of the… (More)