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original papers : Treasury auctions: Uniform or discriminatory?

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Author Info

  • Ken Binmore

    ()
    (Department of Economics, University College London, Gower Street, London WC1E 6BT, UK)

  • Joe Swierzbinski

    ()
    (Department of Economics, University College London, Gower Street, London WC1E 6BT, UK)

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    Abstract

    There 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 Info

    Article provided by Springer in its journal Review of Economic Design.

    Volume (Year): 5 (2000)
    Issue (Month): 4 ()
    Pages: 387-410

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    Handle: RePEc:spr:reecde:v:5:y:2000:i:4:p:387-410

    Note: Received: 28 May 1999 / Accepted: 27 September 1999
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    Related research

    Keywords: Auctions; government bond markets; uniform-price auctions; discriminatory-price auctions;

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    Cited by:
    1. Kaplan, Todd R & Zamir, Shmuel, 2014. "Advances in Auctions," MPRA Paper 54656, University Library of Munich, Germany.
    2. Monostori, Zoltán, 2013. "Diszkriminatív áras és egyenáras aukciók
      [Discriminatory and uniform-price auctions]
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(10), pages 1048-1074.
    3. 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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