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+Category:Academia; +Category:Private Sector - General Business/Legal using HotCat
{{People
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Dr. '''Peter Cramton''' is a Professor of Economics at the University of Maryland, where he has taught since 1993. He is also an Affiliate of Agriculture and Resource Economics at the University.<ref name="Vita">[http://www.cramton.umd.edu/vita/ Vita, Cramton.umd.edu] Retrieved 8 Jan 2013]</ref> He is a leading expert and research on auction theory and practice, and has been involved in the field since 1983. His firm, [[Cramton Associates]], is one of 3 prominent firms offering [[gTLD Auctions|gTLD Auction]] services to gTLD applicants in contention that wish to resolve their contention sets via private auctions rather than ICANN Auctions.<ref name="Home">[http://www.cramton.umd.edu/ Cramton.UMD.edu]Retrieved 8 Jan 2013]</ref> That is, given that there are more than 700 TLDs that have been applied for by more than one party a winner must be determined. ICANN has provided for an "Auction of Last Resort" but trusts that most applicants can resolve their own contention sets before this. The Private Auction model is an instance of innovation within the community to address the intricacies of the ICANN gTLD delegation process.<ref name= "Ray CircleID">[http://www.circleid.com/posts/20130102_private_vs_icann_auction_of_last_resort/ Private v. ICANN Auction, CircleID.com]Published 2 Jan 2013, Retrieved 8 Jan 2013</ref>
Dr. '''Peter Cramton''' is a Professor of Economics at the University of Maryland, where he has taught since 1993. He is also an Affiliate of Agriculture and Resource Economics at the University.<ref name="Vita">[http://www.cramton.umd.edu/vita/ Vita, Cramton.umd.edu] Retrieved 8 Jan 2013]</ref> He is a leading expert and researcher on auction theory and practice, and has been involved in the field since 1983. His firm, [[Cramton Associates]], is one of 3 prominent firms offering Private [[gTLD Auctions|gTLD Auction]] services to gTLD applicants in contention.<ref name="Home">[http://www.cramton.umd.edu/ Cramton.UMD.edu]Retrieved 8 Jan 2013]</ref> That is, given that there are more than 700 TLDs that have been applied for by more than one party a winner must be determined. ICANN has provided for an "Auction of Last Resort" but trusts that most applicants can resolve their own contention sets before this. The Private Auction model is an instance of innovation within the community to address the intricacies of the ICANN gTLD delegation process.<ref name= "Ray CircleID">[http://www.circleid.com/posts/20130102_private_vs_icann_auction_of_last_resort/ Private v. ICANN Auction, CircleID.com]Published 2 Jan 2013, Retrieved 8 Jan 2013</ref>
Previous teaching positions include two positions at the Yale School of Management at Yale University, first as an Assistant Professor of Decision Theory and later as an Associate Professor of Economics and Management. Dr. Cramton was also a National Fellow of the Hoover Institution at Stanford University.<ref name="Vita"></ref>
Previous teaching positions include two positions at the Yale School of Management at Yale University, first as an Assistant Professor of Decision Theory and later as an Associate Professor of Economics and Management. Dr. Cramton was also a National Fellow of the Hoover Institution at Stanford University.<ref name="Vita"></ref>
* National Association of Purchasing Management Scholarship, 1983-84.
* National Association of Purchasing Management Scholarship, 1983-84.
* Dean’s Award for Service to Stanford University, 1983-84.
* Dean’s Award for Service to Stanford University, 1983-84.
* Two-time recipient of Stanford Merit Fellowship, 1981-83.
* Elected by the Operations Research faculty as outstanding senior, 1980.<ref name="Vita"></ref>
==New gTLD Auctions==
[[Innovative Auctions]] is one of three visible providers of Private Auction services for gTLD applicants, the other two being [[Right of the Dot]] and [[Sedo]]. [[Innovative Auctions]]' Applicant Auction model, designed by Peter Cramton, is preferred by the largest [[TLD]] applicant, [[Donuts]].<ref>[http://domainincite.com/10828-heres-how-donuts-wants-to-resolve-its-158-new-gtld-contention-fights Here's How Donuts Wants To Resolve its 158 Contention Fights, DomainIncite.com]Published 23 Oct 2012, Retrieved 8 Jan 2013</ref> [[Raymond King]], applicant for 10 TLDs with [[Top Level Design]] expressed his favor for Private Auctions in general, and the Applicant Auction specifically in an [http://www.circleid.com/posts/20130102_private_vs_icann_auction_of_last_resort/ opinion piece on CircleID].
During [[ICANN 45]] in Toronto, Dr. Peter Cramton outlined an "ascending clock" model, where a price is increased by the auctioneer at each stage; bidders and sellers can then either drop out or bid on the increased amount.<ref name="domainincite">[http://domainincite.com/10828-heres-how-donuts-wants-to-resolve-its-158-new-gtld-contention-fights Here's how Donuts wants to resolve its 158 new gTLD contention fights]. Domain Incite. Published 2012 October 23. Retrieved 2012 November 13.</ref> ICANN has identified the same style of auction for its own Auction of Last Resort.<ref>[http://www.cramton.umd.edu/aa/cramton-applicant-auction-in-brief.pdf Applicant Auction in Brief, Cramton.umd.edu]Published 21 Nov 2012, retrieved Jan 7 2013</ref> At his presentation following the ICANN Draw in December, 2012, Dr. Cramton also also addressed a sequential first-price sealed bid, noting that the ascending clock model is still preferred given that it involves: better price discovery, better deposit management, reduced tendency to overbid, and is more consistent with the ICANN Auction of Last Resort.<ref name="Cramton Draw Proposal">[http://www.cramton.umd.edu/aa/cramton-applicant-auction-conference-slides.pdf Cramton Applicant Auction Conference Slides, Cramton.umd.edu]Retrieved Jan 7 2013]</ref> He continues to defend his decision to exclusively offer one style of auction, as opposed to [[Right of the Dot]]'s three options, by writing on [[CircleID]], "Choosing an auction design is not a matter of taste, or of favoring one bidder over another. There is a whole field in economics concerned with determining what the best auction is for a particular situation. Thousands of scientific papers have been written on the subject and much has been learned from decades of study." He goes on to note that using an independent system and auction provider, uniform across auctions, takes away the need to negotiate the auction style between the parties and creates a more predictable playing field.<ref name="CircleID Faq">[http://www.circleid.com/posts/20130107_rationale_for_tld_applicant_auctions_to_resolve_string_contentions/ Rationale for TLD Applicant Auctions to Resolve Strings, CircleId.com]Published 8 Jan 2013, Retrieved 8 Jan 2013</ref>
Cramton's original model proposed to run auctions during the first quarter of 2013, before ICANN announced the results of their Initial Evaluation. Such a model would allow losing bidders to receive 70% back from their ICANN application fee, but would pose difficulties if winning applicants later discovered their applications were rejected as other applicants would have withdrawn already, and the new gTLD would be left without an owner. The former model also lumped all TLDs that an individual applicant had applied for in one package. Criticisms stating that such a model would benefit larger companies led to a change, so that auctions will now proceed on a TLD-by-TLD basis, with all auctions being simultaneously resolved at the same time.<ref name="domainincite"></ref> Innovative Auctions, of which Cramton is a director, has facilitated three Applicant Auctions to date, resolving contention for 18 new gTLDs.
==References==
==References==
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[[Category:Academia]]
[[Category:Private Sector - General Business/Legal]]