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The Biggest Auction Ever: the Sale of the British 3G Telecom Licenses.

Abstract:
This paper reviews the part played by economists in organizing the British third-generation mobile-phone licence auction that concluded on 27 April 2000. It raised $22 1/2 billion ($34 billion or 2 1/2% of GNP) and was widely described at the time as the biggest auction ever. We discuss the merits of auctions versus "beauty contests", the aims of the auction, the problems we faced, the auction designs we considered, and the mistakes that were made.

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Ken Binmore More by this author
Paul Klemperer More by this author
Series:
Economics Working Papers
Publication date:
2001
URN:
uuid:5c903115-6c15-490d-a7d8-8334f87afa95
Local pid:
oai:economics.ouls.ox.ac.uk:11891
Language:
English

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