posted by Matthew @ 8/12/2002 08:45:00 AM
Comments: 0
Monday, August 12, 2002
The 3G auctions raised £22bn for the government, and telephone company chairman have only themselves to blame, says Ken Binmore, who devised the auction. Of course this is true, but one can also add that markets aren't always hyperrational, and in this case they probably weren't. However as he says, the auction was probably better than a Govt committtee, and the companies can't really complain -- they were some of the world's biggest companies advised by some of the world's largest investment banks.