IDEAS home Printed from https://ideas.repec.org/p/bdm/wpaper/2004-07.html
   My bibliography  Save this paper

Analysis of Optimal Bids in the Primary Auction of Mexican Federal Government Bonds: Results of a Structural Econometric Modeling Approach

Author

Listed:
  • Castellanos Pascacio Sara Gabriela
  • Oviedo Marco

Abstract

In this article we analyze the treasury securities primary auctions of the Mexican Federal Government, using a structural econometric model of Février, Préget and Visser (2002). This model allows to make revenue comparisons across auction formats. Our analysis shows the revenue superiority of the uniform auction format over the discriminatory one. Comparisons with previous estimations as well as simulation exercises of the securities' value signals, suggest that this result may be explained by the winner's curse.

Suggested Citation

  • Castellanos Pascacio Sara Gabriela & Oviedo Marco, 2004. "Analysis of Optimal Bids in the Primary Auction of Mexican Federal Government Bonds: Results of a Structural Econometric Modeling Approach," Working Papers 2004-07, Banco de México.
    • Handle: RePEc:bdm:wpaper:2004-07
    as

    Download full text from publisher

    File URL: https://www.banxico.org.mx/publicaciones-y-prensa/documentos-de-investigacion-del-banco-de-mexico/%7BFCD448CD-C344-1566-F4E1-1651FB236E7C%7D.pdf
    Download Restriction: no
    ---><---

    More about this item

    JEL classification:

    • C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation, Validation, and Selection
    • C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bdm:wpaper:2004-07. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Subgerencia de desarrollo de sistemas (email available below). General contact details of provider: https://edirc.repec.org/data/bangvmx.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.