original papers : Treasury auctions: Uniform or discriminatory?
AbstractThere has been much discussion of the relative merits of selling government bonds using a uniform-price auction rather than the traditional discriminatory-price auction. Arguments in favor of the former have won the day in respect of the newly instituted auctions of index-linked bonds in the USA and UK. This short paper assesses the evidence and concludes that the advantages of uniform-price auctions have been oversold.
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Bibliographic InfoArticle provided by Springer in its journal Review of Economic Design.
Volume (Year): 5 (2000)
Issue (Month): 4 ()
Note: Received: 28 May 1999 / Accepted: 27 September 1999
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Web page: http://link.springer.de/link/service/journals/10058/index.htm
Find related papers by JEL classification:
- D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
- G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
- G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
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- Sander Onderstal & Florian Englmaier & Pablo Guillen & Loreto Llorente & Rupert Sausgruber, 2004.
"The Chopstick Auction: A Study of the Exposure Problem in Multi-Unit Auctions,"
2004.10, Fondazione Eni Enrico Mattei.
- Englmaier, Florian & Guillén, Pablo & Llorente, Loreto & Onderstal, Sander & Sausgruber, Rupert, 2009. "The chopstick auction: A study of the exposure problem in multi-unit auctions," International Journal of Industrial Organization, Elsevier, vol. 27(2), pages 286-291, March.
- Florian Englmaier & Pablo Guillen & Loreto Llorente & Sander Onderstal & Rupert Sausgruber, 2006. "The Chopstick Auction: A Study of the Exposure Problem in Multi-Unit Auctions," CESifo Working Paper Series 1782, CESifo Group Munich.
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