Now showing items 1-20 of 39

    • Auction Design for Colombia’s Forward Energy Market 

      Cramton, Peter (University of Maryland, 2007-06)
    • Auctioning Many Divisible Goods 

      Ausubel, Lawrence M.; Cramton, Peter (MIT Press, 2004)
      We study the theory and practical implementation of auctioning many divisible goods. With multiple related goods, price discovery is important not only to reduce the winner’s curse, but more importantly, to simplify the ...
    • Auctioning Securities 

      Ausubel, Lawrence M.; Cramton, Peter (University of Maryland, 1998-03)
      Treasury debt and other divisible securities are traditionally sold in either a pay-your-bid(discriminatory) auction or a uniform-price auction. We compare these auction formats with a Vickrey auction and also with two ...
    • A Capacity Market that Makes Sense 

      Cramton, Peter; Stoft, Steven (Elsevier Science, 2005-06-15)
      We argue that a capacity market is needed in most restructured electricity markets, and present a design that avoids problems found in the early capacity markets. The proposed market only rewards capacity that contributes ...
    • Collusive Bidding in the FCC Spectrum Auctions 

      Cramton, Peter; Schwartz, Jesse A. (The Berkley Electronic Press, 2002)
      This paper describes the bid signaling that occurred in many of the FCC spectrum auctions. Bidders in these auctions bid on numerous spectrum licenses simultaneously, with bidding remaining open on all licenses until no ...
    • Collusive Bidding: Lessons from the FCC Spectrum Auctions 

      Cramton, Peter; Schwartz, Jesse A. (Springer-Verlag, 2000-05)
      The Federal Communications Commission (FCC) spectrum auctions use a simultaneous ascending auction design. Bidders bid on numerous communication licenses simultaneously, with bidding remaining open on all licenses until ...
    • Colombia Firm Energy Market 

      Cramton, Peter; Stoft, Steven (Hawaii International Conference on System Sciences, 2007-01)
      A firm energy market for Colombia is presented. Firm energy—the ability to provide energy in a dry period—is the product needed for reliability in Colombia’s hydrodominated electricity market. The firm energy market ...
    • Competitive Bidding Behavior in Uniform-Price Auction Markets 

      Cramton, Peter (Hawaii International Conference on System Sciences, 2004-01)
      Profit-maximizing bidding in uniform price auction markets involves bidding above marginal cost. It therefore is not surprising that such behavior is observed in electricity markets. This incentive to bid above marginal cost ...
    • COMPETITIVE BIDDING BEHAVIOR IN UNIFORM-PRICE AUCTION MARKETS 

      Cramton, Peter (Federal Energy Regulatory Commission, 2003-03)
    • The Convergence of Market Designs for Adequate Generating Capacity With Special attention to the CAISO’s Resource Adequacy Problem 

      Cramton, Peter; Stoft, Steven (2006-04)
      This paper compares market designs intended to solve the resource adequacy (RA) problem, and finds that, in spite of rivalrous claims, the most advanced designs have nearly converged. The original dichotomy between ...
    • Demand Reduction and Inefficiency in Multi-Unit Auctions 

      Ausubel, Lawrence M.; Cramton, Peter (2002-07)
      Auctions typically involve the sale of many related goods. Treasury, spectrum and electricity auctions are examples. In auctions where bidders pay the market-clearing price for items won, large bidders have an incentive ...
    • The Determinants of U.S. Labor Disputes 

      Cramton, Peter; Tracy, Joseph S. (University of Chicago Press, 1994)
      We present a bargaining model of union contract negotiations, in which the union decides between two threats: the union can strike or continue to work under the expired contract. The model makes predictions about the level ...
    • The Effect of Collective Bargaining Legislation on Strikes and Wages 

      Cramton, Peter; Gunderson, Morley; Tracy, Joseph (MIT Press, 1999)
      Using Canadian data on large, private-sector contract negotiations from January 1967 to March 1993, we find that strikes and wages are substantially influenced by labor policy. The data indicate that conciliation policies ...
    • The Efficiency of the FCC Spectrum Auctions 

      Cramton, Peter (University of Chicago Press, 1998-10)
      From July 1994 to July 1996, the Federal Communications Commission (FCC) conducted nine spectrum auctions, raising about $20 billion for the U.S. Treasury. The auctions assigned thousands of licenses to hundreds of firms. ...
    • Efficient Relocation of Spectrum Incumbents 

      Cramton, Peter; Kwerel, Evan; Williams, John (University of Chicago Press, 1998-10)
      Changes in technologies and in consumer demands have made prior radio spectrum allocations far from efficient. To address this problem the FCC has recently reallocated spectrum for more flexible use in bands that are ...
    • Efficient Relocation of Spectrum Incumbents 

      Cramton, Peter; Kwerel, Evan; Williams, John (1998-10)
      Changes in technologies and in consumer demands have made prior radio spectrum allocations far from efficient. To address this problem the FCC has recently reallocated spectrum for more flexible use in bands that are ...
    • Electricity Market Design: The Good, the Bad, and the Ugly 

      Cramton, Peter (Hawaii International Conference on System Sciences, 2003-01)
      This paper examines principles of market design as applied to electricity markets. I illustrate the principles with examples of both good and bad designs. I discuss one of the main design challenges—dealing with market ...
    • Eliminating the Flaws in New England's Reserve Markets 

      Cramton, Peter; Lien, Jeffrey (2000-03)
      New England’s wholesale electricity market has been in operation, since May 1, 1999. When the market began it was understood that the rules were not perfect (Cramton and Wilson 1998). However, it was decided that it was ...
    • ESOP Fables: The Impact of Employee Stock Ownership Plans on Labor Disputes 

      Cramton, Peter; Mehran, Hamid; Tracy, Joseph (2005-09)
      By the early 1990s employee stock ownership plans (ESOPs) had become more prevalent in unionized firms than in nonunionized firms. However, little research has been devoted to examining the implications of ESOPs for ...
    • Market-Based Alternatives for Managing Congestion at New York’s LaGuardia Airport 

      Ball, Michael O.; Ausubel, Lawrence M.; Berardino, Frank; Cramton, Peter; Donohue, George; Hansen, Mark; Hoffman, Karla (AirNeth Annual Conference, The Hague, 2007-04)
      In the paper, we summarize the results of a project that was motivated by the expiration of the “High Density Rule,” which defined the slot controls employed at New York’s LaGuardia Airport for more than 30 years. The scope ...