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Beware the Winner's CurseVictories that Can Sink You and Your Company$
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G. Anandalingam and Henry C. Lucas

Print publication date: 2004

Print ISBN-13: 9780195177404

Published to Oxford Scholarship Online: September 2007

DOI: 10.1093/acprof:oso/9780195177404.001.0001

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The spectrum auction fiasco

The spectrum auction fiasco

Chapter:
(p.21) 2 The spectrum auction fiasco
Source:
Beware the Winner's Curse
Author(s):

G. Anandalingam (Contributor Webpage)

Henry C. Lucas

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195177404.003.0002

This chapter presents a history and analysis of wireless spectrum auctions, one of the most blatant examples of companies paying far more for an asset than any conceivable market or strategic value. Most telecommunications companies, whether large or small, framed the issue of needing the option of becoming a wireless player. Thus, despite all efforts at estimating the value of the spectrum rationally, companies try to outbid each other to obtain the spectrum licenses. Telecommunications companies took on a high debt load to finance their purchases making it impossible for them to invest in networks to offer new services. Their auction victories contributed to the decline of economic activity and the lowering of stock prices.

Keywords:   wireless auctions, telecommunications, overpayment

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