What type of auction did Milgrom design for the FCC?
Cellular frequencies auction
Real estate auction
Art auction
Commodity auction
Answer
Cellular frequencies auction: Milgrom designed this type of auction for the FCC to allocate cellular frequencies to telecommunications companies. It is a complex auction mechanism that aims to maximize revenue for the FCC while ensuring fair and efficient allocation of the frequencies. The auction involves multiple rounds of bidding, where bidders submit bids for the frequencies they desire.
Mastering Milgrom: A Nobel Journey Through Economics
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