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Auctions, Market, and Spectrum Ownership: Comment on Moreton and Spiller

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  • Lueck, Dean

Abstract

In their empirical study of the Personal Communications Service auctions, Patrick S. Moreton and Pablo T. Spiller have shown that the bidder behavior is consistent with most economists' conceptions of competitive markets. Moreton and Spiller also presented evidence that firms competing in these auctions were able to aggregate licenses, thus offering some vindication for those economic theorists who championed simultaneous, multiple-round auctions. On these issues, their study brings new data to bear on important questions about auction design and public policy. Moreton and Spiller, however, do not examine the costs of the secondary market in reallocating license blocks and its relationship to the "exposure" problem, develop a specific model of government regulation, or consider the effects of block size on bidding behavior. These omissions limit the inferences and conclusions they claim for their study. Copyright 1998 by the University of Chicago.

Suggested Citation

  • Lueck, Dean, 1998. "Auctions, Market, and Spectrum Ownership: Comment on Moreton and Spiller," Journal of Law and Economics, University of Chicago Press, vol. 41(2), pages 717-725, October.
    • Handle: RePEc:ucp:jlawec:v:41:y:1998:i:2:p:717-25
    DOI: 10.1086/467409
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    References listed on IDEAS

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    1. Hendricks, Kenneth & Porter, Robert H & Spady, Richard H, 1989. "Random Reservation Prices and Bidding Behavior in OCS Drainage Auctions," Journal of Law and Economics, University of Chicago Press, vol. 32(2), pages 83-106, October.
    2. R. Preston McAfee & John McMillan, 1996. "Analyzing the Airwaves Auction," Journal of Economic Perspectives, American Economic Association, vol. 10(1), pages 159-175, Winter.
    3. Hazlett, Thomas W, 1998. "Assigning Property Rights to Radio Spectrum Users: Why Did FCC License Auctions Take 67 Years?," Journal of Law and Economics, University of Chicago Press, vol. 41(2), pages 529-575, October.
    4. John McMillan, 1994. "Selling Spectrum Rights," Journal of Economic Perspectives, American Economic Association, vol. 8(3), pages 145-162, Summer.
    5. Moreton, Patrick S & Spiller, Pablo T, 1998. "What's in the Air: Interlicense Synergies in the Federal Communications Commission's Broadband Personal Communication Service Spectrum Auctions," Journal of Law and Economics, University of Chicago Press, vol. 41(2), pages 677-716, October.
    6. Lueck, Dean, 1995. "The Rule of First Possession and the Design of the Law," Journal of Law and Economics, University of Chicago Press, vol. 38(2), pages 393-436, October.
    7. Hendricks, Kenneth & Porter, Robert H, 1988. "An Empirical Study of an Auction with Asymmetric Information," American Economic Review, American Economic Association, vol. 78(5), pages 865-883, December.
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