 | Professor of Economics, University of Maryland Verified email at umd.edu Cited by 6941 |
P Cramton, Y Shoham… - 2006 - works.bepress.com
Abstract Combinatorial auctions are those auctions in which bidders can place bids on
combinations of items, called “packages,” rather than just individual items. The study of
combinatorial auctions is inherently interdisciplinary. Combinatorial auctions are in the ...
Auctions typically involve the sale of many related goods. Treasury, spectrum and electricity
auctions are examples. In auctions where bidders pay the market-clearing price for items
won, large bidders have an incentive to reduce demand in order to pay less for their ...
P Cramton, R Gibbons… - Econometrica, 1987 - works.bepress.com
Abstract Several partners jointly own an asset that may be traded among them. Each partner
has a valuation for the asset; the valuations are known privately and drawn independently
from a common probability distribution. We characterize the set of all incentive-compatible ...
An auction of carbon permits is the best way to achieve domestic carbon caps designed to
limit global climate change. To minimize administrative costs, permits would be required at
the level of oil refineries, natural gas pipe lines, natural gas liquid sellers, and coal ...
P Cramton - Journal of Economics & Management Strategy, 1997 - Wiley Online Library
This paper analyzes six spectrum auctions conducted by the Federal Communications
Commission from July 1994 to May 1996. These auctions were simultaneous multiple-round
auctions in which collections of licenses were auctioned simultaneously. This auction form ...
PC Cramton - Journal of Economics & Management Strategy, 1995 - Wiley Online Library
Page 1. MONEY OUT OF THIN AIR: THE NATIONWIDE NARROWBAND PCS
AUCTION PETER C. CRAMTON University of Maryland 20742 The Federal
Communications Commission held its first aucfion of radio spec- trum ...
PC Cramton - The Review of Economic Studies, 1984 - restud.oxfordjournals.org
Page 1. Review of Economic Studies (1984) LI, 579-593 © 1984 The Society for Economic
Analysis Limited 0034-6527/84/00390579$02.00 Bargaining with Incomplete Information: An
Infinite-Horizon Model with Two-Sided Uncertainty PETER C. CRAMTON Stanford University ...
P Cramton… - Journal of regulatory economics, 2000 - Springer
The Federal Communications Commission (FCC) spectrum auctions use a simultaneous
ascending auction design. Bidders bid on numerous communication licenses
simultaneously, with bidding remaining open on all licenses until no bidder is willing to bid ...
P Cramton - Review of Economic Studies, 1992 - works.bepress.com
Abstract The role of strategic delay is analyzed in an infinite-horizon alternating-offer model
of bargaining. A buyer and seller are engaged in the trade of a single object. Both
bargainers have private information about their own preferences and are impatient in that ...
P Cramton - European Economic Review, 1998 - Elsevier
A key question of auction design is whether to use an ascending-bid or a sealed-bid format.
The critical distinction between formats is that an ascending auction provides the bidders
with information through the process of bidding. This information is a two-edged sword. It ...
P Cramton… - American Economic Review,, 1992 - works.bepress.com
Abstract We develop a private-information model of union contract negotiations in which
disputes signal a firm's willingness to pay. Previous models have assumed that all labor
disputes take the form of a strike. Yet a prominent feature of US collective bargaining is the ...
Abstract We examine bid data from the first two broadband PCS spectrum auctions for
evidence of value synergies. First, we estimate a benchmark regression for the determinants
of final auction prices. Then, we include variables reflecting the extent to which bidders ...
Abstract A central question in economics is understanding the difficulties that parties have in
reaching mutually beneficial agreements. Informational differences provide an appealing
explanation for bargaining inefficiencies. This chapter provides an overview of the ...
P Cramton… - International Economic Review, 1990 - works.bepress.com
Abstract What cartel agreements are possible when firms have private information about
production costs? For private cost uncertainty we characterize the set of cartel agreements
that can be supported, recognizing incentive and participation constraints. If defection ...
P Cramton… - Stanford Law Review, 1996 - works.bepress.com
Abstract In recent auctions for paging licenses, the Federal Communications Commission
has granted businesses owned by minorities and women substantial bidding credits. In this
article, Professors Ayres and Cramton analyze a particular auction and argue that the ...
LM Ausubel… - Journal of the European Economic …, 2004 - Wiley Online Library
Abstract We study the theory and practical implementation of auctioning many divisible
goods. With multiple related goods, price discovery is important not only to reduce the
winner's curse, but more importantly, to simplify the bidder's decision problem and to ...
Page 1. 1 The Optimality of Being Efficient Lawrence Ausubel and Peter Cramton
Department of Economics University of Maryland 2 Common Reaction Why worry
about efficiency, when there is resale? Our Conclusion Why ...
P Cramton… - The Electricity Journal, 2005 - Elsevier
The capacity market that the authors have proposed for New England avoids problems
found in early capacity markets by only rewarding capacity that contributes to reliability as
demonstrated by its performance during hours in which there is a shortage of operating ...
P Cramton… - Journal of Law, Economics, and …, 1991 - works.bepress.com
Abstract This paper focuses on certain mechanisms that govern the sale of corporate assets.
Under Delaware law, when a potential acquirer makes a serious bid for a target, the target's
Board of Directors is required to act as would" auctioneers charged with getting the best ...
This paper describes the bid signaling that occurred in many of the FCC spectrum auctions.
Bidders in these auctions bid on numerous spectrum licenses simultaneously, with bidding
remaining open on all licenses until no bidder is willing to raise the bid on any license. ...
P Cramton - Journal of Law and Economics, 1998 - works.bepress.com
Abstract From July 1994 to July 1996, the Federal Communications Commission (FCC)
conducted nine spectrum auctions, raising about $20 billion for the US Treasury. The
auctions assigned thousands of licenses to hundreds of firms. Were the auctions efficient? ...
P Cramton… - Cardozo Law Review, 1994 - works.bepress.com
Abstract This Article analyzes how, and when, corporate governance could be improved by
utilizing" relational investing." The term relational investing is just coming into vogue and
there does not yet seem to be a consensus on what it means. Although the term has been ...
P Cramton - System Sciences, 2003. Proceedings of the 36th …, 2003 - ieeexplore.ieee.org
Abstract This paper examines principles of market design as applied to electricity markets.
The author illustrates the principles with examples of both good and bad designs. The
author discusses one of the main design challenges-dealing with market power. The ...
JG Dees… - Business Ethics Quarterly, 1991 - JSTOR
Page 1. SHREWD BARGAINING ON THE MORAL FRONTIER: TOWARD A THEORY
OF MORALITY IN PRACTICE* J. Gregory Dees and Peter C. Cramton A6stract: From
a traditional moral point of view, business practitio- ners ...
AE Kahn,
PC Cramton, RH Porter… - The Electricity Journal, 2001 - Elsevier
P Cramton, Y Shoham… - 2006 - works.bepress.com
Abstract The simultaneous ascending auction has proved to be a successful method of
auctioning many related items. Simultaneous sale and ascending bids enable price
discovery, which helps bidders build desirable packages of items. Although package bids ...
AE Kahn,
P Cramton, RH Porter… - Blue Ribbon Panel …, 2001 - ucei.berkeley.edu
In mid-November, this Panel was constituted to investigate “whether the current rules for
determining the market price in the California Power Exchange Day-Ahead market results in
a fair and efficient price for electricity in California.” To this end, we held hearings in New ...
P Cramton… - Games and Economic Behavior, 1995 - works.bepress.com
Abstract In a mechanism design problem, participation constraints require that all types
prefer the proposed mechanism to some status quo. If equilibrium play in the status quo
mechanism depends on the players' beliefs, then the inference drawn if someone objects ...
Treasury debt and other divisible securities are traditionally sold in either a pay-your-bid
(discriminatory) auction or a uniform-price auction. We compare these auction formats with a
Vickrey auction and also with two ascending-bid auctions. The Vickrey auction and the ...
P Cramton… - Journal of Labor Economics, 1994 - works.bepress.com
Abstract We present a bargaining model of union contract negotiations, in which the union
decides between two threats: the union can strike or continue to work under the expired
contract. The model makes predictions about the level of dispute activity and the form the ...
P Cramton… - Journal of Labor Economics, 1998 - works.bepress.com
Abstract It is argued in many circles that a structural change occurred in US collective
bargaining in the 1980s. Strike incidence declined, dispute incidence increased, and the
composition of disputes shifted away from strikes and toward holdouts. We investigate the ...
P Cramton, E Kwerel… - Journal of Law and …, 1998 - works.bepress.com
Abstract Changes in technologies and in consumer demands have made prior radio
spectrum allocations far from efficient. To address this problem the FCC has recently
reallocated spectrum for more flexible use in bands that are partially occupied by ...
P Cramton, M Gunderson… - Review of Economics and …, 1999 - works.bepress.com
Abstract Using Canadian data on large, private-sector contract negotiations from January
1967 to March 1993, we find that wages and strikes are substantially influenced by labor
policy. The data indicate that conciliation policies have largely been ineffective in reducing ...
Summary. We generalize the Vickrey auction to allow for reserve pricing in a multi-unit
auction with interdependent values. In the Vickrey auction with reserve pricing, the seller
determines the quantity to be made available as a function of the bidders' reports of ...
P Cramton… - Journal of Labor Economics, 1994 - works.bepress.com
Abstract We study wage bargaining in which the union is uncertain about the firm's
willingness to pay and threat payoffs vary over time. Strike payoffs change over time as
replacement workers are hired, as strikers find temporary jobs, and as inventories or strike ...
Abstract The introductory discussion presented in this chapter considers the simplest type of
sequential bargaining games in which the players' time preferences are described by known
and fixed discount rates. I begin by characterizing the class of perfect bargaining ...
P Cramton… - Business ethics quarterly, 1993 - works.bepress.com
Abstract In a competitive and morally imperfect world, business people are often faced with
serious ethical challenges. Harboring suspicions about the ethics of others, many feel
justified in engaging in less-than-ideal conduct to protect their own interests. The most ...
(1) I have been asked by Duke Energy to present the economic theory of competitive bidding
in uniform-price auction markets, such as the markets administered by the California
Independent System Operator (“CAISO”) and the California Power Exchange (“CalPX”). I ...
[CITATION] Tradable carbon allowance auctions: how and why to auction
P Cramton… - Center for Clean Air Policy, 1998
Abstract I study the design of oil rights auctions. A good auction design promotes both an
efficient assignment of rights and competitive revenues for the seller. The structure of bidder
preferences and the degree of competition are key factors in determining the best design. ...
Abstract Labor disputes are an intriguing feature of the landscape of industrialized
economies. Economists have had a long-standing interest in formulating a framework for
understanding and analyzing labor disputes. The development of noncooperative ...
Abstract A firm energy market for Colombia is presented. Firm energy—the ability to provide
energy in a dry period—is the product needed for reliability in Colombia's hydro-dominated
electricity market. The firm energy market coordinates investment in new resources to ...
P Cramton - Management Science, 1991 - works.bepress.com
Abstract A buyer and seller alternate making offers until an offer is accepted or someone
terminates negotiations. The seller's valuation is common knowledge, but the buyer's
valuation is known only by the buyer. Impatience to reach an agreement comes from two ...
Abstract We examine the distributional effects of carbon regulation. An auction of carbon
permits is the best way to achieve carbon caps set by international negotiation to limit global
climate change. An auction is preferred to grandfathering (giving polluters permits in ...
P Cramton… - Utilities Policy, 2008 - Elsevier
A forward reliability market is presented. The market coordinates new entry through the
forward procurement of reliability options—physical capacity bundled with a financial option
to supply energy above a strike price. The market assures adequate generating resources ...
[CITATION] jDemand Reductions and Ineffi ciency in Multi# Unit Auctions. kMimeo
L Ausubel… - University of Maryland, 1998
P Cramton… - The Electricity Journal, 2007 - Elsevier
Arguments that the uniform-price auction yields electricity prices that are systematically too
high are incorrect. Tampering with the spot price would cause inefficiency and raise long-
term costs. The proper way to dampen the impact of spot price fluctuations is with long- ...
LM Ausubel… - Dept. of Economics, University of …, 1999 - market-design.com
Abstract We generalize the Vickrey auction to allow for reserve pricing in a multiple item
auction with interdependent values. By withholding quantity in some circumstances, the
seller can improve revenues or mitigate collusion. In the Vickrey auction with reserve ...
L Cameron… - The Electricity Journal, 1999 - Elsevier
Despite their design differences, both the California and the Pennsylvania-New Jersey-
Maryland markets provide explicit roles for competition in the scheduling functions while
allowing the ISO to manage the spot market. Experience has shown that both can work.
Objective The Government's overall aim for the auction was" to secure, for the long term
benefit of United Kingdom customers and the national economy, the timely and
economically advantageous development and sustained provision of thirdgeneration ...
JG Dees… - Business Ethics Quarterly, 1995 - JSTOR
Page 1. DECEPTION AND MUTUAL TRUST: A REPLY TO STRUDLER1 J. Gregory Dees and
Peter C. Cramton Abstract: Alan Strudler has written a stimulating and provocative article about
deception in negotiation. He presents his views, in part, in con? ...
Abstract We report on the use of a quadratic programming technique in recent and
upcoming spectrum auctions in Europe, and proposed for use in the FAA's landing-slot
auctions in the United States. Specifically, we compute a unique point “in the core” that ...
Abstract We summarize the results of a project that was motivated by the expiration of the
“High Density Rule,” which defined the slot controls employed at New York's LaGuardia
Airport for more than 30 years. The scope of the project included the analysis of several ...
Abstract Under Delaware law (the predominant corporate law in the US), when a potential
acquirer makes a serious bid for a target, the target's board of directors is required to act as
would" auctioneers charged with getting the best price for the stock-holders at a sale of the ...
P Cramton, A Parece… - 1997 - works.bepress.com
Abstract During the transition to a competitive electricity market, when a consumer does not
select an electricity provider, who provides service to the customer and at what price? An
auction for this" standard offer service" is a market-based way to assign the service ...
WJ Baumol, M Cave,
P Cramton… - AEI-Brookings Joint …, 2007 - papers.ssrn.com
Abstract: Network neutrality is a policy proposal that would regulate how network providers
manage and price the use of their networks. Congress has introduced several bills on
network neutrality. Proposed legislation generally would mandate that Internet service ...
Since their advent in 2001, virtual power plant (VPP) auctions have been implemented
widely. In this paper, we describe the simultaneous ascending-clock auction format that has
been used for virtually all VPP auctions to date, elaborating on other design choices that ...
P Cramton, M Gunderson… - Papers of Peter Cramton, 1998 - econpapers.repec.org
Using Canadian data on large, private-sector contract negotiations from January 1967 to
March 1993, we find that strikes and wages are substantially influenced by labor policy. The
data indicate that conciliation policies have largely been ineffective in reducing strike ...
LM Ausubel… - Handbook of Procurement, 2006 - Citeseer
Abstract We study the theory and practical implementation of dynamic procurement auctions.
We consider the procurement of many related items. With many related items, price
discovery is important not only to reduce the winner's curse, but more importantly, to ...
[CITATION] An agency perspective on relational investing
I Ayres,
P Cramton… - 1993 - John M. Olin Program in Law and …
Abstract This report reviews the proposed rules for restructured wholesale electricity markets
in New England. We review the market rules, both individually and collectively, and identify
potential problems that might limit the efficiency of these markets. We examine alternatives ...
Abstract This note provides a brief description of New England's Forward Capacity Auction
(FCA) for the procurement of electricity capacity. The description is based on the 6 March
2006 Settlement Agreement. The description here presents a simpler description of the ...
P Cramton, H Mehran… - 2008 - works.bepress.com
Abstract By the early 1990s employee stock ownership plans (ESOPs) had become as
prevalent in unionized firms as in nonunionized firms. However, little research has been
devoted to examining the implications of ESOPs for collective bargaining, or cross ...
Abstract An effective package bidding mechanism addresses three problems: the exposure
problem (the risks a bidder faces in trying to construct an efficiently large combination of
licenses), the free-rider problem (the difficulties small bidders have in beating those who ...
Abstract We present a simulation analysis of the proposed Colombian firm energy market.
The main purpose of the simulation is to assess the risk to suppliers of participation in the
market. We also are able to consider variations in the market design, and assess the ...
New England's wholesale electricity market has been in operation, since May 1, 1999. When
the market began it was understood that the rules were not perfect (Cramton and Wilson
1998). However, it was decided that it was better to start the market with imperfect rules, ...
P Cramton - Journal of Economic Literature, 2000 - works.bepress.com
Prices,“If it is feasible to establish a market to implement a policy, no policymaker can afford
to do without one.” This book provides important evidence in support of Dales' statement by
thoroughly examining the first several years of the US acid rain program. This innovative ...
Abstract I study the design of auctions of natural resources, such as oil or mineral rights. A
good auction design promotes both an efficient assignment of rights and competitive
revenues for the seller. The structure of bidder preferences and the degree of competition ...
P Cramton, M Gunderson… - Labor Law Journal, 1999 - works.bepress.com
Abstract In the labor relations area no issue generates as much controversy and division
between labor and management as does the legislative ban on replacement workers. In the
United States, the issue of a ban on permanent replacement workers has come before ...
P Cramton… - University of Maryland, 2011 - cramton.umd.edu
Abstract We examine the theoretical properties of the auction format for Medicare Durable
Medical Equipment. The format was used in a pilot auction in November 2009 covering nine
cities and is planned for use in 100 cities in 2012. Two unusual features of the Medicare ...
Abstract: Developing countries reject meaningful emission targets (recent intensity caps are
no exception). This prevents the Kyoto Protocol from establishing a global price for
greenhouse gas emissions and leaves almost all new emissions unpriced.
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Mr. Chairman and members of the Senate Budget Committee, I am honored to appear
before you today. My remarks are about the spectrum auctions in the United States. I will
discuss spectrum auction successes, failures, and what I think are key issues in upcoming ...
Abstract This paper presents a market design for Colombia's forward energy market, which
is scheduled to began in 2008. The forward energy market is an organized market to
procure energy for electricity customers on a forward basis. It includes both the regulated ...
Abstract A central question in economics is understanding the difficulties that parties have in
reaching mutually beneficial agreements. Informational differences provide an appealing
explanation for bargaining inefficiencies. This chapter provides an overview of the ...
Forward markets, both medium term and long term, complement the spot market for
wholesale electricity. The forward markets reduce risk, mitigate market power, and
coordinate new investment. In the medium term, a forward energy market lets suppliers ...
LM Ausubel… - The Economists' Voice, 2009 - works.bepress.com
Abstract Fears of pricing troubled assets have needlessly stalled the rescue effort, according
to Lawrence Ausubel and Peter Cramton, two market-design economists whose work on
TARP has received the attention of the Treasury and policy makers.
Abstract Auctions typically involve the sale of many related goods. Treasury, spectrum and
electricity auctions are examples. In auctions where bidders pay the market-clearing price
for items won, large bidders have an incentive to reduce demand in order to pay less for ...
1 Summary The Regional Greenhouse Gas Initiative (RGGI) is a cap and trade program to
limit the total CO2 emissions from electricity sources in the ten member states on the East
Coast from Maryland to Maine, excluding Pennsylvania. Each RGGI state has an ...
P Cramton… - The Economists' Voice, 2010 - works.bepress.com
As the Government comes to grips with rising deficits, there is a bigger economic tsunami
lurking in the background—many tens of trillions in unfunded Medicare costs. 1 Innovations
are desperately needed to contain healthcare costs and avoid fiscal disaster. One thing in ...
P Cramton, AT Ingraham… - Telecommunications Policy, 2008 - Elsevier
This paper examines the impact of an incumbent carrier's participation in two simultaneously
conducted auctions: one set-aside for non-incumbents and one open to all carriers. This
paper estimates the extent to which prices in the closed auction were inflated by the ...
Abstract We experimentally test alternative auction designs suitable for pricing and removing
troubled assets from banks' balance sheets as part of the financial rescue. Many individual
securities or pools of securities are auctioned simultaneously. Securities that are widely ...
P Cramton, H Chao… - 2005 - works.bepress.com
1 Summary ISO New England proposes reserve markets designed to improve the existing
forward reserve market and improve pricing during real-time reserve shortages. We support
all of the main elements of the proposal. For example, we agree that little is gained by ...
[CITATION] Bargaining with Incomplete Information: An Infinite-Horizon Model with Two-Sided Uncertainty, 51 REV. ECON
PC Cramton - Stud, 1984
PC Cramton… - Working Papers, 1986 - ideas.repec.org
... Additional information is available for the following registered author(s): Peter Cramton. Abstract. ...
"Collusion with Internal Contracting," Econometric Society 2004 Far Eastern Meetings 693,
Econometric Society. [Downloadable!]; Peter Cramton & Thomas R. Palfrey, 1995. ...
Abstract I review the performance of the operating reserves and the operable capability
markets in New England. The review covers the first four months of operation from May 1 to
August 31, 1999. The review is based on my knowledge of the market rules and their ...
W Vergara, A Deeb, N Toba,
P Cramton… - 2010 - books.google.com
Wind Energy in Colombia is part of the World Bank Study series. These papers are
published to communicate the results of the Bank's ongoing research and to stimulate public
discussion. The purpose of this study is to provide decision makers---anlysts, planners, ...
R Betz, S Seifert,
P Cramton… - Australian Journal of …, 2010 - Wiley Online Library
The allocation of permits is an important design aspect of an emissions trading scheme.
Traditionally, governments have favoured the free allocation of greenhouse gas permits
based on individual historical emissions ('grandfathering') or industry benchmark data. ...
[CITATION] The Convergence of Market Designs for Adequate Generating Capacity with Special Attention to the CAISO's Resource Adequacy Problem, a white paper …
P Cramton… - 2006 - … Working Paper 06-007, Center for …
[CITATION] jThe Optimality of Being Effi cient. kMimeo
L Ausubel… - University of Maryland, 1999
Abstract I begin by describing some of the problems of the simultaneous ascending auction.
Then I present the package clock auction, which retains the benefits, while addressing the
weaknesses, of the simultaneous ascending auction. I emphasize two essential elements ...
• Since capacities of existing providers are set to equal approximately 100 blocks (100% of
demand), excess supply comes from the desire of new entrants to supply at the current
auction price• The price keeps declining until new entrants are unwilling to supply or a ...
[CITATION] Economists' Statement on Network Neutrality Policy (March), AEI-Brookings Joint Center Working Paper No
WJ Baumol, ME Cave, PC Cramton, RW Hahn… - RP07-08, 2007
PC Cramton, TR Palfrey… - 1990 - en.scientificcommons.org
Abstract This paper is provided in connection with the 2007 Telecommunications
Symposium–Voice, Video and Broadband: The Changing Competitive Landscape and Its
Impact on Consumers, sponsored by the Antitrust Division of the US Department of Justice ...
P Cramton… - Papers of Peter Cramton, 2009 - ideas.repec.org
Developing countries reject meaningful emission targets (recent intensity caps are no
exception), while many industrialized countries insist that developing countries accept them.
This impasse has prevented the Kyoto Protocol from establishing a global price for ...
P Cramton, AE Kahn, RH Porter… - 2001 - works.bepress.com
In mid-November, this Panel was constituted to investigate “whether the current rules for
determining the market price in the California Power Exchange Day-Ahead market results in
a fair and efficient price for electricity in California.” To this end, we held hearings in New ...
P Cramton… - Resources for the Future Discussion Paper, 1998 - motu.org.nz
Abstract An auction of carbon permits is the best way to achieve carbon caps set by
international negotiation to limit global climate change. To minimize administrative costs,
permits would be required at the level of oil refineries, natural gas pipe lines, liquid sellers, ...
... The vast majority of existing suppliers by volume will be excluded from supplying Medicare
beneficiaries for the major product categories. Source: Compiled by Peter Cramton, 17
Nov 2010. ... Source: Compiled by Peter Cramton, 17 Nov 2010. ...
Abstract Greenhouse gas abatement is a public good, so climate policy is a public-goods
game and suffers from the free-rider incentives that make the outcome of such games
notoriously uncooperative. Adopting an international agreement can change the nature of ...
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