| Key variables group | Variable | Description |
| Economic condition and mobile market characteristics | Income | Real income per capita (US Dollar in PPP) |
| Market | Population in coverage area of spectrum license (million) | |
| Mcomp | Reciprocal of one plus the number of operators | |
| Shift (dummy) | Equal to one if auction took place during 2001 to 2007, zero otherwise | |
| License characteristics | Duration | License period (year) |
| Entrant (dummy) | Equal to one if auctions rule stipulates that at least one license is set-aside for operator who has never received spectrum license, zero otherwise | |
| Reserve | Reserve price (US dollar) | |
| Financial commitment after winning the auction | Percent | Means of annual fee (percent of income from using 3G spectrum) |
| Service obligation after winning the auction | Deploy | Percent of population in accordance with coverage obligation |
| Share (dummy) | Equal to one if infrastructure sharing is mandated | |
| Auction procedure | Accomp | Ratio of the number of bidders to the number of license |
| Activity (dummy) | Equal to one if auction has activity rule, zero otherwise | |
| Info (dummy) | Equal to one if auction information are disclosed to the public, 0 otherwise | |
| Number (dummy) | Equal to one if the number of license is predetermined, zero otherwise | |
| Package (dummy) | Equal to one if package bidding is permitted, zero otherwise | |
| Sealed (dummy) | Equal to one if auction is a sealed-bid format, zero otherwise |