When it comes to auction design dissertation writing services in uk, the two crucial components are attracting entry and preventing collusion. Ascending auctions encourage bidders to act collusively and deter weaker potential bidders as they know that the stronger bidder will always out bid him. On the other hand, (first-price) sealed-bid auctions act in the opposite direction from ascending auctions. It does not give bidders a chance to collude and encourages weaker bidders to participate. However, the disadvantage of using a sealed-bid auction is that it is more likely to lead to inefficient results than an ascending auction. The reason for this is that sometimes bidders with a lower value may beat opponents with a higher value. Hence, there is no perfect auction design and they must be customized to suit different environments and targets. Of course there are several other reasons for difference in revenues, among them there is a fact that UK as a country that run the first spectrum rights auction in the world 700 word essay pages, might have enjoyed high revenues simply because participants were new to the licenses and had no idea of their true value. Overall economic situations in the counties as well as political might also result in differences in revenues. But the main reason for difference in profitability of the spectrum licenses auctions is difference in auction designs which were effective in some countries and not in the others. An essay has conventional sections that it is wise to follow. These are an introduction free professional resume writing services, main body and a conclusion. The 'LSE' essay structure can be described as 'say what you're going to say (intro), say it in detail (main body), say what you've said (conclusion)'. Although this may appear repetitive, it offers the reader great clarity. Also, if you think about the executive summary, background examples of compare and contrast essay examples, analysis and conclusions / recommendations sections of a business report, you can see that a similar structure holds. In conclusion, the reason for the different revenues earned amongst the countries that took part in the 3G auctions is due to the auction designs and the sequence in which they took place. Revenues depend on how well the auction design is able to attract entry and prevent collusion. Also, it has to be able to adapt to new environments. For example, a good auction design takes into account the information bidders have and the knowledge they have gained from previous auctions. A sensible reserve price is of high importance as well and should not be overlooked like in the case of Switzerland and Germany. Lastly research paper formats, auction design is not "one size fits all" and the failure of the government to design an auction that suited the country's environment lead to different revenues being earned. So what? - say what the significance of your answer is either in the 'real' world or to the discipline of economics So, auctions held by government, and to be more specific properly designed actions directly influence the life of modern country. In this essay I would like to make a kind of short review of auctions of spectrum rights for third generation mobile phones held in Europe in year 2000. The peculiarity of these auctions lies in the fact that revenues that were generated by European governments are different as a result of differently designed actions they held. This fact allows as to trace features of the auctions that were successful and resulted in relatively high revenues for the government. Strategy that United Kingdom had chosen was selling 5 licenses during classical ascending auction. Auction resulted in huge revenues: 650 euros per capita. Firstly it should be said that auctions as any normal business activity should be competitive in order to be effective. UK spectrum auction was relatively competitive attracting 13 participants. There are several reasons why this action attracted so many participants. Firstly words not to use in essay writing, UK was the first country in the world to hold spectrum rights auction. Participants were not completely aware of the usefulness of 3G cell phones steps to writing an essay, but were eager to get competitive advantage in the new generation mobile communication technology. Secondly, UK sold 5 licenses to the market with 4 major phone operators. This fact attracted new entrants, since at least one of the licenses can be potentially won by new entrants to the market. Both this facts generated highly competitive auction environment and limited possible collusions. Result of the auction was a huge success for UK government. Switzerland was the most unsuccessful amongst all the countries that held the auctions. It raised only 20 euros per capita in its ascending auction and this can be attributed to an unfeasible auction design, badly formulated rules and an absurdly low reserve price. Since the beginning, weaker bidders were deterred by the auction form. They felt that they did not stand a chance against the strong bidders and hence did not bother participating. This resulted in little competition. Furthermore, The Swiss government committed auction suicide when they permitted last-minute joint-bidding! This resulted in nine bidders colluding to become just four. The last mistake that the Swiss government made was to set a reserve price that was way too low. Since there were four licenses and four bidders quantum physics research papers, bidders ended up paying only the reserve price. In the case of Netherlands, they had five licenses and five incumbents. This deterred new entrants as well as facilitated collusion. For example, Deutsche Telekom colluded with local incumbents to bid for a 3G license. A sealed-bid would have worked better as this would have discouraged joint bidding college application essay classes, raise higher revenues as well as give new entrants a glimmer of hope. Follow the opening 'topic' sentence with your reasoning and evidence for why this opening statement is valid. Be specific, not general. The more detail you can bring in, the more expert you will sound and the more persuasive your argument will be Summarise your argument in support of this answer - this summary should match the order of your paragraphs Italy generated 240 euros per capita and attracted 6 participants. Italy intentionally reduced amount of participants by imposing a requirements that participant of the auction must satisfy. Such situation combined with the fact that Italian auction was ascending could result in possible collusions among competitors. As a result wrong auction design resulted in low revenues. List the books / articles you read while researching your answer Italy had their auction next but failed to learn from Netherlands and UK. Their auction design was not robust and failed to adapt to the environment in Italy. They adopted the UK design but had the additional rule that if bidders did not exceed licenses essay in my school life, the number of licenses would be reduced. They did not realize that having one more bidder than license does not assure that the outcome will be competitive. Also, Italy had failed to anticipate that firms would react differently to those in Netherlands and UK as they now had more information. Hence, weaker bidders were discouraged by previous auctions and did not bother to participate and since the participation rate was low, it made it easier for the strong bidders to collude. A bad auction design that was not tailored to the Italian environment and a low reserve price resulted in Italy only earning less than 25 billion euros. Students should choose ONE of the following essay topics: Tutor2u arranges a panel of over 20 Economics teacher judges from across the UK, who meet over two days to read through all of the entries and put together a shortlist of essays for final judging and also a list of highly commended entries from the 2016 competition which are then passed to the Royal Economic Society for the final judging. The RES judging panel in 2017 will be made up of: Andrew Chesher (President, RES), Jonathan Haskell (Imperial College London), Bridget Rosewell (Volterra Partners) and Alvin Birdi (Economics Network and University of Bristol). RES Young Economist of the Year 2011 - Mayank Banarjee. 2011 Winning Essays & Judges Report RES Young Economist of the Year 2009 - Tiffany Young. 2009 Judges Report & winning essay You will find more resources and details on these topics at tutor2U.net 4. “Having more grammar schools would help raise education levels and opportunities”. Do you agree? Explain your answer. The deadline for submitting essays is Sunday, 9th July 2017 at 2359 hours (GMT).
Discuss whether an increase in savings in Singapore would lead to problems in the economy. [25] Discuss how the above events would affect consumer expenditure on diet soft drinks and non-diet soft drinks. [25] Discuss the view that Singapore has few policies to deal with an external shock. [25] MIT Press | January 1987 | ISBN: 0262200627 Volume 3: Theory and Policy
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