Auctions!

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Auctions!

In 2013 the UK government auctioned off 2 licenses for providing 4G mobile phone services.

Assume that the government operates a second-price sealed bid (i.e. “Vickrey”) auction with uniform pricing

The table below shows the bids that were made:

Which companies win the licenses?

2 points

Everything Everywhere

Hutchison 3G UK

Niche Spectrum Ventures

Telefónica

Vodafone

How much do they each have to pay?

2 points

£225 million

£550 million

£588 million

Other:

Clear selection

Assuming that the companies would have bid the same amounts, how much would the government make had it used a first price sealed bid auction with price discrimination?

2 points

£791 million

£1.14 billion

£1.34 billion

£1.38 billion

Clear selection

Who do you think this is?

2 points

Paul Wilson

William Auction

William Vickrey

Robert Milgrom

Clear selection

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