Lawrence M. Ausubel, University of Maryland economics professor and founder of Power Auctions, explains why auction economics plays a critical role in modern markets and public policy. He takes listeners inside the design of complex, computer-based auctions used for U.S. Treasury securities, Google keyword advertising, electricity markets, and high-stakes simultaneous spectrum license auctions for agencies such as the FCC, where bidders must secure complementary licenses at efficient geographic scale.

Professor Ausubel also shares behind-the-scenes insights from record-breaking auctions, including the $81 billion U.S. spectrum auction in 2022, and discusses his work designing diamond auctions for Botswana’s government-owned Okavango Diamond Company. Along the way, he explores reserve prices, bidder defaults, dispute resolut ...