Download Auctioning Public Assets: Analysis and Alternatives by Maarten Janssen PDF

By Maarten Janssen

Governments are presently privatizing enterprises that have been formerly below public keep an eye on in lots of international locations. offering an summary of the industrial matters excited about this move of possession of public resources, this e-book combines a theoretical framework with case reviews. It asks which allocation mechanism a central authority can undertake and the way the alternative of allocation mechanism will have an effect on destiny marketplace results. Contributions from foreign specialists provide an obtainable advent to public sale thought during this valuable non-technical research.

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It is that companies’ bids in these auctions will not primarily reveal to governments how much companies value extra spectrum, and thus what the optimal size of a licence is, but rather how much companies value monopoly power (see Jehiel and Moldovanu (2000b)). This is because bidders will understand that the future market structure emerges endogenously from the auction. By buying up spectrum a bidder can reduce the amount of spectrum available to others, and, in particular, a bidder can prevent others from entering the market.

Upgrading a network is cheaper than building a completely new network. Another example is the high-speed train, where the national train operator has superior information about the market potential, in addition to having cost advantages in maintenance. When incumbents have advantages over potential entrants, entrants are confronted with the question of whether they should take part in the auction at all as preparing for an auction may cost the firm a significant sum of money. If the number of licences is (much) larger than the number of incumbents, this question does not arise as newcomers have enough chances to secure a licence.

As Janssen and Moldovanu show in detail in chapter 5 in this book, the reason lies in all kinds of externalities that exist in licence auctions. The main externality is that a benevolent government will sell the licences (also) having consumer welfare in mind. Consumers, however, are not participating directly in the auction and, as a result, the outcome in which the licence is put in the hands of the firm that values it most, may not be the one that consumers prefer. In fact, the preferences of the consumers may be exactly opposite.

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