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Les offres non compétitives dans les enchères du Trésor

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  • Raphaële PREGET

Abstract

The objective of this article is to analyze the noncompetitive bidding mechanism used in Treasury securities auctions. Noncompetitive bidding consists in submitting a quantity without specifying a price. Noncompetitive bids are served on priority at the weighted average auction price. First, in a single auction model we compare discriminatory and uniform price auctions when bidders have a multi-unit demand. Then, a two-auction model allows us to decompose the impacts of noncompetitive bidding on primary bidders' competitive bidding strategies.

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File URL: http://www.jstor.org/stable/20076378
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Bibliographic Info

Article provided by ENSAE in its journal Annals of Economics and Statistics.

Volume (Year): (2003)
Issue (Month): 70 ()
Pages: 155-179

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Handle: RePEc:adr:anecst:y:2003:i:70:p:07

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