Finding a beach party in Ibiza should be like looking for hay in a haystack, but the crackdown on music licences and opening hours means you have to work a bit harder for your fun these days.

Crucially, the software estimated the secret values bidders placed on specific licences and determined that certain big licences were being overvalued.

Prices for national coverage differed enormously depending on how the licences were combined, notes Simon Wilkie, an economist at the University of Southern California.