Started by Tomás Rinaldi (@tomas_rinaldi) ·
the FCC sells airwaves with auctions designed by game theorists
Spectrum used to be handed out through hearings and then lotteries. Coase suggested selling it in 1959 and was reportedly asked if he was joking. The US finally started auctioning it in 1994, with many rounds of bidding on all the licenses at once, because licenses are worth more in combinations.
6 sources · 47 min down the hole
How I got here
- Started with
- “how do spectrum auctions work”
- Ended at
- “new zealand 1990 spectrum auction second price”
The Trail
- “how do spectrum auctions work” (google.com)
- Spectrum auction (en.wikipedia.org)
- Paul Milgrom (en.wikipedia.org)
- Robert B. Wilson (en.wikipedia.org)
Milgrom's neighbor and former PhD advisor. he knocked on Milgrom's door in the middle of the night to tell him they'd won the Nobel
- Ronald Coase (en.wikipedia.org)
- “new zealand 1990 spectrum auction second price” (google.com)
cautionary tale: one winner reportedly bid NZ$100,000 and paid NZ$6
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