The assignment phase of the US 3.45 GHz auction starts today. But while we wait for the final results, we have already taken a closer look at some of the bidding data from the clock phase of the auction.

We have identified an interesting bidding pattern from Round 37 – where there was a sudden and substantial shift of demand into smaller markets. We present three possible explanations for what happened:

• Honest bidding in the form of switching
• Strategic bidding in the form of signalling
• Strategic bidding in the form of parking

Learn more here.

Please reach out to Neil Gallagher or Martha Lahann if you would be interested in discussing the analysis.