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Auerbach Weighs in for gTLD Lotteries
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Karl Auerbach, for whom I have enormous respect, writes:Having lived in California and endured the manipulative creation of artificial and minipulated scarcity of electricial power - which cost me and the other residents of my state many billions of dollars - I'm less than fond of using auction systems to allocate scarce resources, particularly when the supply of those resources (electricity or TLDs) can be (and has been) manipulated. California's electricity market deregulation is not analagous to TLD auctions. California maintained price controls over the retail market and deregulated prices at the wholesale level. This, by itself, was a recipe of disastor. Moreover, utilities were required by statute to purchase electricity on the spot market and forbidden to enter into long-term supply contracts. This was not a market in any meaningful sense of the term.
But Karl's warning should be heeded. Auctions or lotteries can be maniuplated. That is why it is extremely important that any system of allocating new TLDs not be designed by existing stakeholders. That is a sure-fire way to get a system that is subject to the cartelization of bidders (auction) or rigging by secondary purchasers (lottery).Lawrence Solum
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