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Demand Reduction and Inefficiency in Multi-Unit Auctions
- Lawrence M. Ausubel, P. Cramton, M. Pycia, M. Rostek, Marek Weretka
- Economics
- 1 October 2014
Auctions often involve the sale of many related goods: Treasury, spectrum, and electricity auctions are examples. In multi-unit auctions, bids for marginal units may affect payments for inframarginal…
The High-Frequency Trading Arms Race: Frequent Batch Auctions as a Market Design Response
- Eric Budish, P. Cramton, John J. Shim
- Economics
- 17 February 2015
We argue that the continuous limit order book is a flawed market design and propose that financial exchanges instead use frequent batch auctions: uniform-price sealed-bid double auctions conducted at…
Dissolving a Partnership Efficiently
- P. Cramton, R. Gibbons, P. Klemperer
- Economics
- 1 November 1985
Several partners jointly own an asset that may be traded among them. Each partner has a valuation for the asset; the valuations are known privately and drawn independently from a common probability…
The Clock-Proxy Auction: A Practical Combinatorial Auction Design
- Lawrence M. Ausubel, P. Cramton, P. Milgrom
- Economics
- 1 August 2004
We propose the clock-proxy auction as a practical means for auctioning many related items. A clock auction phase is followed by a last-and-final proxy round. The approach combines the simple and…
Synergies in Wireless Telephony: Evidence from the Broadband PCS Auctions
- Lawrence M. Ausubel, P. Cramton, R. McAfee, J. Mcmillan
- Economics
- 1 September 1997
We examine bid data from the first two broadband PCS spectrum auctions for evidence of value synergies. First, we estimate a benchmark regression for the determinants of final auction prices. Then,…
Spectrum Auction Design
- P. Cramton
- Economics
- 15 August 2009
Spectrum auctions are used by governments to assign and price licenses for wireless communications. The standard approach is the simultaneous ascending auction, in which many related lots are…
Quadratic Core-Selecting Payment Rules for Combinatorial Auctions
- Robert W. Day, P. Cramton
- EconomicsOper. Res.
- 1 May 2012
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Combinatorial Auctions
- P. Cramton, Y. Shoham, R. Steinberg
- MedicineEncyclopedia of Wireless Networks
- 9 December 2005
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