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Auctions have been used as a mechanism of selling goods and services for thousands of years.The earliest example of auctions can be traced back to AD 195 when Roman Empire was auctioned off to Julianus. There are numerous examples of Auctions in our daily life but auctions caught the imagination of economists, governments and common people alike when spectrum rights were auctioned by FCC in 1994 in the US. Prior to using auctions for spectrum allocation other methods like administrativedoi:10.7763/joebm.2015.v3.278 fatcat:uyqzx3qizbbhhidyohzcukdpru