31E11100 - Microeconomics: Pricing, Lecture, 13.9.2021-25.10.2021
This course space end date is set to 25.10.2021 Search Courses: 31E11100
Reading assignment 5 (due 13.10. at 10:15)
Completion requirements
Due: Wednesday, 13 October 2021, 10:15 AM
Read Ken Binmore and Paul Klemperer (2002): “The Biggest Auction Ever: The Sale of the British 3G Telecom Licences”, Economic Journal 112 (https://www.jstor.org/stable/798361?seq=1#metadata_info_tab_contents ).
1. Describe the auction mechanism that was used in the selling of the British 3G telecom licenses in 2002 and describe the outcome of the auction. Why did the authors end up recommending this format?
2. Discuss the lessons for auction design that the authors of the article have drawn from their experience.