Equilibrium research between “winner's curse” and seller's earnings in uniform-price synchronization auctions

The auction mechanism of spectrum has become a key point in China with the issuance of 3G licenses and the coming of 4G. The uniform-price synchronization auctions which aim to reduce the risk of “winner's curse” is proposed in this paper. Though the signal correlation model of bidders, this paper discuss the seller's profit equilibrium when bidders are restricted to bid only one or multiple bands. This equilibrium study which can reduce the risk of “winner's curse” and guarantee the seller's earnings will be a theoretical reference for spectrum auctions in China.