This panel discussion will focus on the economic efficiency of current spectrum allocation methods and explore innovative market-based mechanisms to optimize spectrum utilization. We will examine alternative approaches beyond traditional auctions, such as property rights and dynamic pricing, to enhance flexibility and efficiency. The panel will also discuss the importance of measuring the federal spectrum opportunity cost and developing economic frameworks to evaluate the trade-offs between sharing and exclusive use. By fostering a deeper understanding of these issues, we aim to stimulate a lively debate on the future of spectrum policy.