Clock Auctions and Radio Spectrum Reallocation

S-Tier
Journal: Journal of Political Economy
Year: 2020
Volume: 128
Issue: 1
Pages: 1 - 31

Authors (2)

Paul Milgrom (Stanford University) Ilya Segal (not in RePEc)

Score contribution per author:

4.022 = (α=2.01 / 2 authors) × 4.0x S-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

We study the class of multiround, multiproduct clock procurement auctions that reduce offered prices at each round. When prices stop declining, the remaining bidders become the winning sellers. For single-minded bidders, each such auction has five properties not shared by Vickrey auctions: each is obviously strategy-proof and group-strategy-proof, sets prices that are Nash equilibrium winning bids in the related first-price auction, preserves winner privacy about values, and can be extended to satisfy a budget constraint. In simulations of the US incentive auction, a heuristic clock auction from this class achieves quick computations, high efficiency, and low prices.

Technical Details

RePEc Handle
repec:ucp:jpolec:doi:10.1086/704074
Journal Field
General
Author Count
2
Added to Database
2026-01-26