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<div class="WordSection1">
<p class="MsoNormal">Christa,<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">We already discussed and I believe we agreed as a group to the following recommendations which will be out shortly as part of Package 7:<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><u><span style="font-family:"Arial",sans-serif;color:black">Recommendation xx (rationale 9)</span></u><span style="font-family:"Arial",sans-serif;color:black">: If an applicant qualifies for Applicant Support and is part of a contention
set that is resolved through an auction of last resort, a bid credit, multiplier, or other similar mechanism must apply to the bid submitted by that applicant. </span><o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal" style="margin-left:.5in"><u><span style="font-family:"Arial",sans-serif;color:black">Implementation Guidance xx (rationale 9)</span></u><span style="font-family:"Arial",sans-serif;color:black">: Research should be conducted in the implementation
phase to determine the exact nature and amount of the bid credit, multiplier, or other mechanism described in recommendation xx. Research should also be completed to determine a maximum value associated with the bid credit, multiplier, or other mechanism.</span><o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal" style="margin-left:.5in"><u><span style="font-family:"Arial",sans-serif;color:black">Implementation Guidance xx (rationale 9)</span></u><span style="font-family:"Arial",sans-serif;color:black">: If the Applicant getting Applicant Support
prevails in an auction, there should be restrictions placed on the Applicant from assigning the Registry Agreement, and/or from any Change of Control for a period of no less than three (3) years. This restriction seeks to prevent gaming of the Applicant Support
Program whereby an applicant transfers its ownership of a registry to a third party in exchange for any form of financial gain. However, assignments that become necessary for the following reasons shall be permitted:</span><o:p></o:p></p>
<p class="MsoNormal" style="margin-left:1.0in;text-indent:-.25in;mso-list:l0 level1 lfo4;vertical-align:baseline">
<![if !supportLists]><span style="font-size:10.0pt;font-family:Symbol;color:black"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-family:"Arial",sans-serif;color:black">Assignments due to going out of business<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:1.0in;text-indent:-.25in;mso-list:l0 level1 lfo4;vertical-align:baseline">
<![if !supportLists]><span style="font-size:10.0pt;font-family:Symbol;color:black"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-family:"Arial",sans-serif;color:black">Assignments due to death or retirement of a majority shareholder<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:1.0in;text-indent:-.25in;mso-list:l0 level1 lfo4;vertical-align:baseline">
<![if !supportLists]><span style="font-size:10.0pt;font-family:Symbol;color:black"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-family:"Arial",sans-serif;color:black">Assignments due to EBERO<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:1.0in;text-indent:-.25in;mso-list:l0 level1 lfo4;vertical-align:baseline">
<![if !supportLists]><span style="font-size:10.0pt;font-family:Symbol;color:black"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-family:"Arial",sans-serif;color:black">Assignments to affiliates or subsidiaries<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:1.0in;text-indent:-.25in;mso-list:l0 level1 lfo4;vertical-align:baseline">
<![if !supportLists]><span style="font-size:10.0pt;font-family:Symbol;color:black"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-family:"Arial",sans-serif;color:black">Assignments required by competition authorities<o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal" style="margin-left:.5in"><span style="font-family:"Arial",sans-serif;color:black">All assignments after such time shall be governed under the then-current Registry Agreement standard provisions; provided that any Assignment or Change of
Control after the third year, but prior to the seventh (7th) year, shall require the applicant to repay the full amount of financial support received through the ASP Program plus an additional ten percent (10%).</span><o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Hope that helps.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<div>
<p class="MsoNormal"><img width="300" height="3" style="width:3.125in;height:.0312in" id="Picture_x0020_1" src="cid:image001.png@01D65603.E1347390"><o:p></o:p></p>
<p class="MsoNormal" style="background:white"><span style="font-size:13.5pt;font-family:"Trebuchet MS",sans-serif;color:#111111">Jeff Neuman<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Book Antiqua",serif;color:#0070C0;background:white">JJN Solutions, LLC</span><span style="font-size:14.0pt;font-family:"Book Antiqua",serif;color:#111111;background:white"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Trebuchet MS",sans-serif;color:#111111;background:white">Founder & CEO<br>
+1.202.549.5079<br>
Vienna, VA 22180<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Trebuchet MS",sans-serif;color:#111111;background:white">Jeff@JJNSolutions.com</span><span style="font-size:10.0pt;font-family:"Trebuchet MS",sans-serif;color:#111111"><br>
</span><a href="http://jjnsolutions.com/" target="_blank"><span style="font-size:12.0pt;font-family:"Trebuchet MS",sans-serif;color:#09757A;background:white">http://jjnsolutions.com</span></a><o:p></o:p></p>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<div>
<div style="border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in">
<p class="MsoNormal"><b>From:</b> Gnso-newgtld-wg <gnso-newgtld-wg-bounces@icann.org>
<b>On Behalf Of </b>christa@dottba.com<br>
<b>Sent:</b> Thursday, July 9, 2020 2:47 PM<br>
<b>To:</b> 'Kurt Pritz' <kurt@kjpritz.com>; 'Kathy Kleiman' <kathy@kathykleiman.com><br>
<b>Cc:</b> gnso-newgtld-wg@icann.org<br>
<b>Subject:</b> Re: [Gnso-newgtld-wg] Vickey auctions<o:p></o:p></p>
</div>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span lang="EN-CA">Hi All,<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-CA"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-CA">Adding to Kurt, Kathy and Donna’s comments.<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-CA"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-CA">I feel like we are putting the cart before the horse. I’m not sure how we can adequately discuss auctions until we iron out the auction bid credit/multiplier for Applicant Support applicants as:<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-CA"><o:p> </o:p></span></p>
<ul style="margin-top:0in" type="disc">
<li class="MsoListParagraphCxSpFirst" style="margin-left:.25in;mso-add-space:auto;mso-list:l2 level1 lfo3">
<span lang="EN-CA">Bid credits/multiplier provide incentives to Applicant Support applicants putting other applicants within that contention set at a disadvantage
<o:p></o:p></span></li><li class="MsoListParagraphCxSpMiddle" style="margin-left:.25in;mso-add-space:auto;mso-list:l2 level1 lfo3">
<span lang="EN-CA">Auction credits provide financial incentives and the potential of gaming<o:p></o:p></span></li><li class="MsoListParagraphCxSpMiddle" style="margin-left:.25in;mso-add-space:auto;mso-list:l2 level1 lfo3">
<span lang="EN-CA">Potential bid credit maximums may affect bidding methodology <o:p>
</o:p></span></li><li class="MsoListParagraphCxSpMiddle" style="margin-left:.25in;mso-add-space:auto;mso-list:l2 level1 lfo3">
<span lang="EN-CA">Change the dynamics of resolving a contention set via creative solutions/JVs
<o:p></o:p></span></li><li class="MsoListParagraphCxSpMiddle" style="margin-left:.25in;mso-add-space:auto;mso-list:l2 level1 lfo3">
<span lang="EN-CA">Impact all other applicants within that contention set<o:p></o:p></span></li><li class="MsoListParagraphCxSpMiddle" style="margin-left:.25in;mso-add-space:auto;mso-list:l2 level1 lfo3">
<span lang="EN-CA">Sufficient time to prepare and secure additional funding for example, 30 days to submit a bid is unreasonable<o:p></o:p></span></li><li class="MsoListParagraphCxSpLast" style="margin-left:.25in;mso-add-space:auto;mso-list:l2 level1 lfo3">
<span lang="EN-CA">Educational component on auction process, bidding strategy, values, funding, etc.
<o:p></o:p></span></li></ul>
<p class="MsoNormal"><span lang="EN-CA">One scenario, a contention set of six with one AS applicant, first person lucky enough to enter into a JV with the AS applicant is at an economic advantage and has the trump card to ensure the auction is through ICANN.
Depending on your perspective, this may have a positive/negative outcome but we haven’t discussed these types of scenarios or considered the implications and potential safe guards.
<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-CA"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-CA">I’d suggest that we cover off bidding credit/multipliers beforehand so we can have comprehensive discussions in order to develop all-encompassing recommendations. If not, I think we’ll need to return to the auction discussion
to address the deficiencies. <o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-CA"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-CA">Cheers,<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-CA"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-CA">Christa<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-CA"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-CA"><o:p> </o:p></span></p>
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<div style="border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in">
<p class="MsoNormal"><b>From:</b> Gnso-newgtld-wg <<a href="mailto:gnso-newgtld-wg-bounces@icann.org">gnso-newgtld-wg-bounces@icann.org</a>>
<b>On Behalf Of </b>Kurt Pritz<br>
<b>Sent:</b> July 9, 2020 11:29 AM<br>
<b>To:</b> Kathy Kleiman <<a href="mailto:kathy@kathykleiman.com">kathy@kathykleiman.com</a>><br>
<b>Cc:</b> <a href="mailto:gnso-newgtld-wg@icann.org">gnso-newgtld-wg@icann.org</a><br>
<b>Subject:</b> Re: [Gnso-newgtld-wg] Vickey auctions<o:p></o:p></p>
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</div>
<p class="MsoNormal"><span lang="EN-CA"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-CA">Hi Kathy: <o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA">A fine point: I believe a Vickrey auction is one where the parties don’t know the bids of the other parties bit can know their identities. <o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA">Regardless of whether a Vickrey, top-price or ascending bid auction model is selected, my concern has to do with the timing of the sealed bid. I can think of nothing more discouraging to a newcomer, investor and potential
contributor to the domain name industry than to say, “Pay the $185,000 application fee and, oh yeah, give us a sealed bid for how many millions you will bid in a sealed auction where the delegation might take place months or years from now.” Pile onto that
the uncertainty of how the evaluation process will play out and additional costs that might be added, how many bidders there are, who they are, and the relative value of TLDs at some point in the future when the delegations are made. I don’t know of any other
auctions that operate in this manner. In other instances, sealed bids are generally required just before the final award. <o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA">Put another way, requiring the sealed bid at the time of application will greatly discourage new participants — especially smaller ones — from our industry. If we are seeking to encourage competition and choice, then
the auction should take place close in time to the delegation — whether the auction is sealed bid - top price, sealed bid - Vickrey, or the clock model applied in the first round. <o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA">A final point if I may, is that there has been a substantial amount of study done on the benefits and drawbacks to Vickrey auctions — and there have been examples of unintended detrimental results. The articles I read
indicate that each instance includes a complex set of issues requiring advice of competent economists prior to selection of a Vickrey mechanism. The SubPro group might have had long discussions regarding this but I do not think they have been appropriately
deep or informed by economics science. <o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA">I do not have an issue as to whether a Vickrey or other form of auction is selected, but think there should be an appropriate study if we are to deviate from the past. Our high-level policy recommendation might be to
select an auction model encouraging "individuals bid truthfully” and alert ICANN to consider Vickrey as an alternative to the current model and the need for study as part of the implementation.<o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA">Maybe ICANN could get that study going now so that it could inform the implementation effort. <o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA">Thanks this opportunity to speak up everyone. <o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA">Kurt <o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA"><o:p> </o:p></span></p>
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<p class="MsoNormal" style="margin-bottom:12.0pt"><span lang="EN-CA"><o:p> </o:p></span></p>
<blockquote style="margin-top:5.0pt;margin-bottom:5.0pt">
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<p class="MsoNormal"><span lang="EN-CA">On Jul 9, 2020, at 10:12 AM, Kathy Kleiman <<a href="mailto:kathy@kathykleiman.com">kathy@kathykleiman.com</a>> wrote:<o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue"">Hi Donna,<o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue"">Tx for the question. In a true Vickery Auction, the parties don't know who they are bidding against. Everyone then has the opportunity to bid what they think the TLD
is worth to them -- without knowledge of who they are bidding against. A bidder can't raise the bid knowing they are bidding against a small party, a single TLD, or a Global South applicant. <o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue"">That means that the bids, overall, are lower. Hopefully, this will allow the occasional small party, single TLD, or Global South applicant may win -- and that's one
of the goals we have sent for our program. <o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue"">Again, appreciate your question. <o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue"">Best, Kathy<o:p></o:p></span></p>
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<blockquote style="margin-top:5.0pt;margin-bottom:5.0pt">
<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
</blockquote>
<blockquote style="margin-top:5.0pt;margin-bottom:5.0pt">
<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><br>
----- Original Message -----<o:p></o:p></span></p>
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<div>
<p class="MsoNormal" style="background:#E4E4E4"><b><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue";color:black">From:</span></b><b><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p></o:p></span></b></p>
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<p class="MsoNormal" style="background:#E4E4E4"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue";color:black">"Austin Donna" <<a href="mailto:Donna.Austin@team.neustar">Donna.Austin@team.neustar</a>></span><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal"><b><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue"">To:<o:p></o:p></span></b></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue"">"Kathy Kleiman" <<a href="mailto:kathy@kathykleiman.com">kathy@kathykleiman.com</a>>, "<a href="mailto:gnso-newgtld-wg@icann.org">gnso-newgtld-wg@icann.org</a>" <gnso-newgtld-wg@icannorg><o:p></o:p></span></p>
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<p class="MsoNormal"><b><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue"">Cc:<o:p></o:p></span></b></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal"><b><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue"">Sent:<o:p></o:p></span></b></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue"">Wed, 8 Jul 2020 15:33:49 +0000<o:p></o:p></span></p>
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<p class="MsoNormal"><b><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue"">Subject:<o:p></o:p></span></b></p>
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<p class="MsoNormal" style="margin-bottom:12.0pt"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue"">RE: [Gnso-newgtld-wg] Vickey auctions<o:p></o:p></span></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-CA" style="color:#1F497D">Kathy</span><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""> <o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-CA" style="color:#1F497D">The Vickrey auction model may be inherently expedient, but I’m still not convinced that it is inherently fair particularly among players
large and small. I’m interested to understand how you think this is the very best way to ensure that smaller parties can prevail from time to time and that the Global South can obtain a share of new gTLDs.
</span><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""> <o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-CA" style="color:#1F497D">Donna</span><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""> <o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<div style="border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in">
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><b><span lang="EN-CA">From:</span></b><span lang="EN-CA"> Gnso-newgtld-wg [<a href="mailto:gnso-newgtld-wg-bounces@icann.org">mailto:gnso-newgtld-wg-bounces@icann.org</a>]
<b>On Behalf Of </b>Kathy Kleiman<br>
<b>Sent:</b> Monday, July 06, 2020 7:30 AM<br>
<b>To:</b> <a href="mailto:gnso-newgtld-wg@icann.org">gnso-newgtld-wg@icann.org</a><br>
<b>Subject:</b> [Gnso-newgtld-wg] Vickey auctions</span><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""> <o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica",sans-serif">Hi All,</span><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica",sans-serif">For days and months we discussed auctions and ways to improve them. One thing we learned is that Vickrey
auctions are inherently fair. They provide a process that encourages bidders to bid the price that is fair to them -- and set out exactly what they are willing to pay. They avoid collusion and unfair dealing. I thought we had agreed to recommend this method
-- a sealed bid at the time of application. </span><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""> <o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica",sans-serif">I want to reintroduce some of what we learned about Vickrey Auctions in our long discussions -- and
why they are a trusted method of auctions among players large and small and with an array of resources. I think it is the very best way to ensure that smaller parties can prevail from time to time, and that the Global South can obtain a share of new gTLDs. </span><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""> <o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica",sans-serif">Best, Kathy</span><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica",sans-serif">-----------------------------------------------------------------------------------------------------------------------------</span><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""> <o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<h2><span lang="EN-CA" style="font-family:"Helvetica",sans-serif">What is a Vickrey Auction?</span><span lang="EN-CA" style="font-family:"Helvetica Neue""><o:p></o:p></span></h2>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><a href="https://urldefense.com/v3/__https:/corporatefinanceinstitute.com/resources/knowledge/other/vickrey-auction/__;!!N14HnBHF!owM79hXrIldCESZnBUdA6FpA7CuFv2fr6Q6QHzhAgMoYrXoCxFqRe6V5LVNMOZQ2c9sc%24"><span style="font-family:"Helvetica",sans-serif">https://corporatefinanceinstitute.com/resources/knowledge/other/vickrey-auction/</span></a><o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p> </o:p></span></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica",sans-serif">A Vickrey auction is a sealed-bid auction where bidders submit bids without knowing the bids of other
people. However, as opposed to other sealed-bid auctions, the price paid is the second-highest bid price and not the winning bid price. The Vickrey auction was named after William Vickrey, a Canadian who won the 1996 Nobel Prize in Economics for his research
on </span><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><a href="https://urldefensecom/v3/__https:/corporatefinanceinstitute.com/resources/knowledge/finance/asymmetric-information/__;!!N14HnBHF!owM79hXrIldCESZnBUdA6FpA7CuFv2fr6Q6QHzhAgMoYrXoCxFqRe6V5LVNMOdllQwyz%24"><span style="font-family:"Helvetica",sans-serif">asymmetric
information</span></a></span><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica",sans-serif"> in economics.</span><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p></o:p></span></p>
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<h3><span lang="EN-CA" style="font-family:"Helvetica",sans-serif">Understanding a Vickrey Auction</span><span lang="EN-CA" style="font-family:"Helvetica Neue""><o:p></o:p></span></h3>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica",sans-serif">In a Vickrey auction, the individual is bidding their true value and are not trying to assess what
everyone else is going to bid. Therefore, in a Vickrey auction, the individual is bidding the maximum amount they are willing to pay and are not disadvantaged by it.</span><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p></o:p></span></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica",sans-serif">By utilizing the
</span><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><a href="https://urldefense.com/v3/__https:/www.researchgate.net/publication/228296863_How_Good_is_the_Generalized_Second-Price_Mechanism__;!!N14HnBHF!owM79hXrIldCESZnBUdA6FpA7CuFv2fr6Q6QHzhAgMoYrXoCxFqRe6V5LVNMOS7ZLYJt%24"><span style="font-family:"Helvetica",sans-serif">second-price
mechanism</span></a></span><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica",sans-serif"> in a Vickrey auction, individuals bid truthfully – individuals are motivated to bid their maximum value because the individual understands that if their
bid wins, they will only need to pay the second-highest bid value.</span><span lang="EN-CA" style="font-size:9.0pt;font-family:"Helvetica Neue""><o:p></o:p></span></p>
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