Commercial radio spectrum use rights in the US are traditionally assigned using licenses over large geographic areas with 10- or 15-year terms, to encourage infrastructure investment. However, such long-term licenses are difficult to reassign as more valuable uses for spectrum arise. Licenses...

Many governments assign use licenses for natural resources, such as radio spectrum, fishing rights, and mineral extraction rights, through auctions or other market-like mechanisms. License design affects resource users' investment incentives, as well as the efficiency of asset allocation. No...

Appendix is available at: 'https://ssrn.com/abstract=3034480' https://ssrn.com/abstract=3034480Perpetual licenses incent owners incentives to invest in the common value of public resources, but impede efficient reallocation of resources to higher-valued entrants. Short-term licenses improve...