[stefan_]

If only people wouldn't then turn around and tell us how amazing spectrum auctions are, what a novel great application of economics. In practice it has all the hallmarks of a failed market; most bits travel over WiFi, money ends up in slush funds, coverage is hopeless, large parts of spectrum are allocated to governmental incumbents who want to keep running 50s tech.

[eru]

Well, auctions are a great mechanism, but you can still screw them up by adding lots and lots of requirements.

Spectrum auction don't just give everything to the highest bidder, alas. Instead it's a beauty contest judged by bureaucrats.