Properties of the Combinatorial Clock Auction
研究了组合时钟拍卖在标准同质商品环境下的均衡性质，发现存在需求扩张、需求减少和掠夺性行为等多种事后均衡，揭示了动态实现Vickrey拍卖的实际困难。
The combinatorial clock auction has become popular for large-scale spectrum awards and other uses, replacing more traditional ascending or clock auctions. We describe some surprising properties of the auction, including a wide range of ex post equilibria with demand expansion, demand reduction, and predation. Our results obtain in a standard homogeneous good setting where bidders have well-behaved linear demand curves, and suggest some practical difficulties with dynamic implementations of the Vickrey auction.