Auctions of licenses to use the radio spectrum conducted by the FCC from 1994-98 will yield $27 billion in receipts to the U.S. treasury. The initial success has generated interest in the use of auctions to raise additional receipts and enhance the value of the spectrum to society. This study examines the results of the initial FCC auctions, the general outlook for future auctions, and the applicability of auctions to the intro. of digital broadcast TV. It also considers the prospects for using auctions and other market mechanisms not only in assigning licenses to specific users, but also in allocating frequencies to different uses. Charts and tables.