Why spectrum markets stay illiquid
Every wireless signal — calls, Wi-Fi, broadcast — rides on the radio spectrum, but no two slices are alike: a frequency built for long-distance reach behaves nothing like one meant for crowded urban use, and you can't simply swap one for the other. I was among the first to pin down, and measure, how that lack of interchangeability chokes the liquidity of secondary spectrum markets.
Earlier research had mostly waved the problem away, treating spectrum as if any piece could stand in for any other. I showed that it can't, quantified the cost, and handed regulators a usable rule of thumb: build several narrow markets for comparable bands rather than one catch-all market for everything.
IEEE Transactions on Cognitive Communications and Networking, 5(2), 2019 · TPRC 2013 · open-source agent-based model