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1、AmericanEconomicAssociationAnalyzingtheAirwavesAuctionAuthor(s):R.PrestonMcAfeeandJohnMcMillanReviewedwork(s):Source:TheJournalofEconomicPerspectives,Vol.10,No.1(Winter,1996),pp.159-175Publishedby:AmericanEconomicAssociationStableURL:http://www.jstor.org/stable/213
2、8289.Accessed:06/12/201208:54YouruseoftheJSTORarchiveindicatesyouracceptanceoftheTerms&ConditionsofUse,availableat.http://www.jstor.org/page/info/about/policies/terms.jsp.JSTORisanot-for-profitservicethathelpsscholars,researchers,andstudentsdiscover,use,andbuildupo
3、nawiderangeofcontentinatrusteddigitalarchive.Weuseinformationtechnologyandtoolstoincreaseproductivityandfacilitatenewformsofscholarship.FormoreinformationaboutJSTOR,pleasecontactsupport@jstor.org..AmericanEconomicAssociationiscollaboratingwithJSTORtodigitize,preser
4、veandextendaccesstoTheJournalofEconomicPerspectives.http://www.jstor.orgThiscontentdownloadedbytheauthorizeduserfrom192.168.52.69onThu,6Dec201208:54:36AMAllusesubjecttoJSTORTermsandConditionsJournalofEconomicPerspectives-Volume10,NumberI-Winter1996-Pages159-175Anal
5、yzingtheAirwavesAuctionR.PrestonMcAfeeandJohnMcMillanJustastheNobelcommitteewasrecognizinggametheory'sroleineconomicsbyawardingthe1994prizetoJohnNash,JohnHarsanyiandReinhardSelten,gametheorywasbeingputtoitsbiggestuseever.Billionsofdollarsworthofspectrumlicenseswere
6、beingsoldbytheU.S.government,usinganovelauc-tionformdesignedbyeconomictheorists.Suddenly,gametheorybecamenews.WilliamSafireintheNewYorkTimescalledit"thegreatestauctioninhistory."TheEconomistremarked,"Whengovernmentauctioneersneedworldlyadvice,wherecantheyturn?Tomat
7、hematicaleconomists,ofcourse....Asforthefirmsthatwanttogettheirhandsonasliveroftheairwaves,theirbestbetistogooutfirstandhirethemselvesagoodgametheorist."Fortunesaiditwasthe"mostdramaticexampleofgametheory'snewpower....Itwasatriumph,notonlyfortheFCCandthetaxpayers,b
8、utalsoforgametheory(andgametheorists)."Forbessaid,"Gametheory,longanintellectualpastime,cameintoitsownasabusinesstool."TheWallStreetJournalsaid,"
