Bidding-Strategy

Auction Theory: The Mathematics of Bidding Wars In 1994, the U.S. government auctioned radio spectrum licenses using game theory. The result? $7.7 billion in revenue — far more than expected. In 2000, the UK’s 3G telecom auction raised $34 billion using carefully designed rules. In 2016, the FCC’s broadcast incentive auction was called “the most complex auction ever conducted” — a reverse auction followed by a forward auction, designed by game theorists. ...