Maryland Auction Conference, May 29-31, 1998
sponsored by the National Science Foundation and the University of
Maryland
Aspen
Institute’s Wye River Conference Center, Queenstown, Maryland
An important economic development of the 1990s has been the restructuring of
infrastructure industries. Throughout the world, markets are replacing monopoly, and
private firms are increasingly providing goods and services that once were provided by
government. Auctions are playing a major role in this restructuring. Auctions provide an
efficient and transparent way for governments to allocate scarce resources, for monopolies
to divest their assets, and for services to be traded. Applications are seen in every
infrastructure industry: telecommunications (e.g., the FCC spectrum auctions), electric
power, natural gas, water, air, and transportation. Treasury auctions are a related
application.
In the early 1990s, economists realized that existing auction theory was inadequate for
these applications. Although auction theory for the sale of a single item is well
developed, each of these applications involves the sale of multiple items, often with
value interdependencies among items. In response, there has been a burst of research
activity on auctions for multiple items. This work is theoretical, experimental, and
empirical.
This conference brings together about forty-five experts in the auction field to
present and discuss their research on auctions. The conference mixes theorists,
experimentalists, and empiricists. The common core is auctions and a desire to apply
auction ideas to these important real-world applications.
Program [in pdf format]
| Friday, May 29 |
| 9 – 9:30 |
Continental Breakfast |
| 9:30 – 9:45 |
Opening |
| 9:45 – 10:30 |
Robert C. Marshall (Penn State) and
Matthew E. Raiff (Penn State)
The Impact of Synergies on Bidding in the Georgia School Milk Market |
| 10:30 – 11:15 |
Patrick L. Bajari (Harvard)
Econometrics of Sealed Bid Auctions |
| 11:15 – 11:40 |
Break |
| 11:40 – 12 |
Alejandro Manelli (Arizona State), Martin Sefton (Manchester) and Benjamin Wilner (Iowa)
Multi-Unit Auctions with Affiliated Valuations:
An Experimental Comparison of Vickrey and Ascending-Price Auctions |
| 12 – 12:20 |
David Lucking-Reiley (Vanderbilt)
Commercial Auctions on the Internet: What’s Being Auctioned, and How? |
| 12:20 – 12:40 |
Sushil Bikhchandani (UCLA) and Joseph
M. Ostroy (UCLA)
The Package Assignment Model |
| 12:40 – 2 |
Lunch |
| 2 – 2:45 |
Lawrence M. Ausubel (Maryland) and Peter
Cramton (Maryland)
The Optimality of Being Efficient |
| 2:45 – 3:30 |
Paul Milgrom (Stanford)
Putting Auction Theory to Work: The Simultaneous Ascending
Auction |
| 3:30 – 4 |
Break |
| 4 – 5 |
Panel Discussion: Theory to Practice,
moderator: Dan Vincent (Maryland), panel:
R. Preston McAfee (Texas), John Riley (UCLA), Robert W. Rosenthal
(Boston) |
| 6 – 7 |
Reception |
| 7 – 9 |
Dinner |
Saturday, May 30 |
| 8 – 9 |
Breakfast |
| 9 – 9:45 |
John H. Kagel (Pittsburgh) and Dan
Levin (Ohio State)
Independent Private Value Multi-Unit Demand Auctions:
An Experiment Comparing Uniform Price and Dynamic Vickrey Auctions |
| 9:45 – 10:30 |
Susan C. Athey (MIT) and Jonathan Levin
(MIT)
Information and Competition in U.S. Forest Service Timber
Auctions |
| 10:30 – 11 |
Break |
| 11 – 11:20 |
Richard Engelbrecht-Wiggans (Illinois)
and Charles Kahn (Illinois)
Low Revenue Equilibria in Simultaneous Auctions |
| 11:20 – 11:40 |
Jeroen M. Swinkels (Washington –
St. Louis)
Asymptotic Efficiency for Discriminatory Auctions with Aggregate Uncertainty |
| 11:40 – 12:00 |
Michael Rothkopf (Rutgers), Aleksandar
Pekec (Duke) and Ronald Harstad (Rutgers)
Computationally Manageable Combinational Auctions |
| 12 – 1:45 |
Lunch |
| 1:45 – 2:05 |
Philip A. Haile (Wisconsin)
Auctions with Private Uncertainty and Resale Opportunities |
| 2:05 – 2:25 |
Ian L. Gale (Georgetown), Donald B.
Hausch (Wisconsin), and Mark Stegeman (VPI)
Sequential Procurement with Subcontracting |
| 2:25 – 2:45 |
Bernard Caillaud (CERAS) and Jacques Robert
(Montreal)
Implementing the Optimal Auction |
| 2:45 – 3:30 |
Partha Dasgupta (Cambridge) and Eric Maskin
(Harvard)
Efficient Auctions |
| 3:30 – 4 |
Break |
| 4 – 5 |
Panel Discussion: Electricity Auctions,
moderator: Peter Cramton (Maryland), panel:
Michael H. Rothkopf (Rutgers), William Schulze (Cornell), Robert Wilson
(Stanford) |
| 6 – 7 |
Reception |
| 7 – 9 |
Dinner |
Sunday, May 31 |
| 8 – 9 |
Breakfast |
| 9 – 9:45 |
Jeremy Bulow (Stanford) and Paul
Klemperer (Oxford)
Common and Almost Common Value Auctions: Some Fun
Examples |
| 9:45 – 10:10 |
Vijay Krishna (Penn State) and John
Morgan (Princeton)
(Anti-) Competitive Effects of Joint Bidding and Bidder
Restrictions |
| 10:10 – 10:30 |
Jean-Pierre Benoit (NYU) and Vijay Krishna
(Penn State)
Multiple Object Auctions with Budget Constrained Bidders |
| 10:30 – 11 |
Break |
| 11 – 11:20 |
R. Mark Isaac (Arizona) and Duncan
James (Arizona)
Robustness of the Incentive Compatible Combinatorial Auction |
| 11:20 – 11:40 |
John C. Bernard (Cornell), Ray
Zimmerman (Cornell), William Schulze (Cornell),
Robert Thomas (Cornell), Timothy Mount (Cornell), and Richard Schuler (Cornell)
Alternative Auction Institutions for Purchasing Electric
Power:
An Experimental Examination |
| 11:40 – 12 |
Robert Wilson (Stanford)
Priority Pricing of Ancillary Services in Wholesale Electricity
Markets |
| 12 – 12:15 |
Closing |
| 12:15 – 1:30 |
Lunch |
List of Participants [Addresses]
James J. Anton (Duke University)
Susan C. Athey (MIT)
Larry Ausubel
(University of Maryland)
Chris Avery (Harvard University)
Patrick L. Bajari (Harvard University)
John C. Bernard (Cornell
University)
Sushil Bikhchandani (UCLA)
Tilman Borgers (University College London)
Jeremy Bulow
(Stanford University)
Peter Cramton
(University of Maryland)
Catherine C. Eckel (National Science Foundation)
Richard Engelbrecht-Wiggans (University of Illinois)
Ian Gale (Georgetown University)
Philip A. Haile (University of Wisconsin)
Ronald M. Harstad (Rutgers University)
Donald Hausch (University of Wisconsin)
Ken Hendricks (University of British Columbia)
Abigail Hohner (Masterfoods, n.v.)
R. Mark Isaac (University of Arizona)
Duncan James (University of Arizona)
John Kagel (University of Pittsburgh)
Charles Kahn (University of
Illinois)
Brett Katzman (University of Miami)
Kala Krishna (Penn State University)
Vijay Krishna (Penn State University)
Evan R. Kwerel (Federal Communications Commission)
Dan Levin (Ohio State University)
David Lucking-Reiley
(Vanderbilt University)
Alejandro Manelli (Arizona State University)
Robert Marshall (Penn State University)
Laurent Martin (University of Maryland)
Eric Maskin (Harvard University)
Steven Matthews (University of Pennsylvania)
R. Preston McAfee (University of Texas)
Paul Milgrom (Stanford
University)
John Morgan (Princeton University)
S. Ramachandran (World Bank)
John Riley (UCLA)
Jacques Robert (Universit de Montreal)
Robert W. Rosenthal (Boston University)
Michael H. Rothkopf (Rutgers University)
William Schulze (Cornell University)
Jesse Schwartz (University of Maryland)
Jeroen M. Swinkels (Washington University)
Dan Vincent (University of Maryland)
Keith Waehrer (Bureau of Labor
Statistics)
Robert Wilson
(Stanford University)
Directions [Map]
How to Reach The Aspen
Institute's Wye Woods Conference Center
Note: Most people will be staying Thursday night at the Comfort Inn (410-827-6767),
Exit 42, Route 50/301, Grasonville, Maryland. This is five miles after the Bay Bridge
(immediately after crossing Kent Narrows). Most people will be staying Friday and Saturday
nights at Wye Woods Conference Center (410-827-7400).
From Baltimore, Maryland
From Baltimore, Maryland Take
Interstate 97 South to Annapolis, then U.S. Route 50 East and follow signs to the
Chesapeake Bay Bridge. Cross the Chesapeake Bay Bridge and stay on Route 50 East for
approximately 12 miles. Turn right 1/2: mile after milepost 49, at Carmichael Road and
sign marked ASPEN INSTITUTE. Proceed about 3 miles on Carmichael Road to the intersection
with Cheston Lane. To reach Wye Woods, turn right onto Cheston Lane (see map enlargement).
From Washington, D.C.
From Washington, D.C. Follow U.S. Route
50 East to Annapolis, Maryland and the Chesapeake Bay Bridge. Cross the Chesapeake Bay
Bridge and stay on Route 50 East for approximately 12 miles. Turn right 1/2 mile after
milepost 49, at Carmichael Road and sign marked ASPEN INSTITUTE. Proceed about 3 miles on
Carmichael Road to the intersection with Cheston Lane. To reach Wye Woods, turn right onto
Cheston Lane (see map enlargement).
From Philadelphia and New York City
From Philadelphia and New York City At
the west end of the Delaware Memorial Bridge (near Wilmington, Delaware), follow
Interstate 95 to Route 896 South (Exit 1). Route 896 runs into U.S. Route 301 South.
Continue about 65 miles to the Maryland Route 213 intersection (in Queen Anne's County).
Turn left on Route 213 and proceed to the traffic light at U.S. Route 50. Turn right on
U.S. Route 50.
Turn left 1/2 mile after milepost 50, at Carmichael Road and sign marked ASPEN
INSTITUTE. Proceed about 3 miles on Carmichael Road to the intersection with Cheston Lane.
To reach Wye Woods, turn right onto Cheston Lane (see map enlargement).
From Norfolk, Virginia
From Norfolk, Virginia Cross the
Chesapeake Bay Bridge-Tunnel and follow U.S. Route 13 North to Salisbury, Maryland. In
Salisbury, take U.S. Route 50 West (left) and proceed approximately 64 miles, passing
through Cambridge and Easton, Maryland. Continue on Route 50 and watch for milepost 50.
Turn left 1/2 mile after milepost 50, at Carmichael Road and sign marked ASPEN INSTITUTE.
Proceed about 3 miles on Carmichael Road to the intersection with Cheston Lane. To reach
Wye Woods, turn right onto Cheston Lane (see map enlargement).
Driving from Nearby Airports
Baltimore/Washington International Airport
Baltimore/Washington International Airport On leaving airport follow sign marked EASTERN SHORE and BAY BRIDGE. To get to
U.S. Route 50 East, follow signs marked BAY BRIDGE.
Washington National Airport
Washington National Airport On leaving
airport follow U.S. Route 1 through Alexandria, Virginia to Interstate 95 North. Follow
Interstate 95 North to U.S. Route 50 East.
Washington Dulles Airport Take Dulles Access Road, to 495 North (toward Maryland).
Follow 495 to U.S. Route 50 East.