Money Out of Thin Air: The Nationwide Narrowband PCS Auction

Peter Cramton

Papers of Peter Cramton from University of Maryland, Department of Economics - Peter Cramton

Abstract: The Federal Communications Commission held its first auction of radio spectrum at the Nationwide Narrowband PCS Auction in July 1994. The simultaneous multiple-round auction, which lasted five days, was an ascending bid auction in which all licenses were offered simultaneously. This paper describes the auction rules and how bidders prepared for the auction. The full history of bidding is presented. Several questions for auction theory are discussed. In the end, the government collected $617 million for ten licenses. The auction was viewed by all as a huge success-an excellent example of bringing economic theory to bear on practical problems of allocating scarce resources.

Keywords: Auctions; Spectrum Auctions; Multiple-Round Auction (search for similar items in EconPapers)
JEL-codes: D44 L96 (search for similar items in EconPapers)
Pages: 77 pages
Date: 1995, Revised 1998-06-09
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Published in Journal of Economics and Management Strategy, 4:2, Summer 1995, pages 267-343.

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Journal Article: Money Out of Thin Air: The nationwide Narrowband pcs Auction (1995)
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