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.