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Money Out of Thin Air: The Nationwide Narrowband PCS Auction

dc.contributor.authorCramton, Peter
dc.identifier.citation"Money Out of Thin Air: The Nationwide Narrowband PCS Auction," Journal of Economics and Management Strategy, 4, 267–343, 1995.
dc.description.abstractThe 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.
dc.format.extent672035 bytes
dc.subjectFederal Communications Commissionen
dc.subjectauction rulesen
dc.subjectradio spectrum
dc.subjectauction theory
dc.subjectnarrowband PCS auction
dc.titleMoney Out of Thin Air: The Nationwide Narrowband PCS Auctionen
dc.relation.isAvailableAtDigital Repository at the University of Marylanden_us
dc.relation.isAvailableAtEconomics Departmenten_us
dc.relation.isAvailableAtCollege of Behavioral and Social Sciencesen_us
dc.relation.isAvailableAtUniversity of Maryland (College Park, Md.)en_us
dc.rights.licenseThe definitive version is available at

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