Incidentally, auctions of time bounded licenses, which are what we use to allocate frequency spectrum, have the same theoretical pareto efficiency as a value tax.
If the probability changes over time that the price might go up and back down for a 6 month period which is bounded inside of a single auction-able period, then the auction would not have ever captured it correctly... Low frequency auctions assumes perfect risk prediction which isn't realistic and comes with large insurance and analysis overheads.