The 2020 Nobel Winning Simultaneous Multiple Round Auction Explained

In-depth look at how the 2020 Nobel prize was won with a revolutionary new auction format to sell radio frequencies (spectrum auctions).

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In 1994, two years before William Vickrey won his Nobel prize in auction theory, the United States Federal Communications Commission (FCC) had a big problem. If it wanted to use traditional auctions to sell all of its telecommunication frequency slots, this would either lead to giving away the licenses for free or ending up with a telecom monopoly. So, they asked a couple of brilliant young economists (Paul Milgrom & Robert Wilson) for help. They would come up with a Nobel Prize winning solution that is still the benchmark for 5g spectrum sales today: the Simultaneous Multiple Round Auction. They also came up with some more recent formats like the combinatorial clock auctions, but this will be the subject of another video.

Want to read the script for this video? Check it out in the form of a blog post here: https://www.moneymacro.rocks/2020-10-28-auction-theory-2/

Narrated and produced by Dr. Joeri Schasfoort (University of Cape Town)
https://twitter.com/joerischasfoort
https://www.linkedin.com/in/joeri-schasfoort/

Attribution:

- Art auction CCA cyperion syndicate
- Cattle auction CCA Robert Smith
- Dutch fish auction CCA Oxlaey
- English art auction CCA Contemporary Art Fashion Slub Pop Kitsch
- Tour of the Electromagnetic Spectrum, CCA, Space Tube

Music
Airport Lounge - Disco Ultralounge by Kevin MacLeod is licensed under a Creative Commons Attribution 4.0 license. https://creativecommons.org/licenses/by/4.0/
Source: http://incompetech.com/music/royalty-free/index.html?isrc=USUAN1100806
Artist: http://incompetech.com/

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