英文摘要 |
This paper compares two spectrum auction systems: SMRA (simultaneous multi-round auction) and CCA (combinatorial clock auction). Besides theoretical studies, we also discuss the relative merits of these two systems demonstrated by policy experiences of various countries. SMRA is considered efficient except when there exists a high degree of positive synergy factors. CCA allows bidders to bid on any package that suits their needs. However, the calculation of VNC (Vickrey nearest core) price seems like a black hole for bidders, and also violates the law of one price. We conduct a simulation to study the relationship between synergy factors and efficiency level. Our simulation covers six valuation structures, and two synergy structures, each with 101 factor levels and 5000 groups of random values. The simulation results show that for synergy factors below 0.20, SMRA can achieve a relatively satisfactory efficiency level, and hence, it is still a satisfactory auction system. |