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Auctions: Theory and Applications

Author

Listed:
  • Robert A. Feldman

    (International Monetary Fund)

  • Rajnish Mehra

    (International Monetary Fund)

Abstract

This paper assesses alternative auction techniques for pricing and allocating various financial instruments, such as government securities, central bank refinance credit, and foreign exchange. Before recommending appropriate formats for auctioning these items, the paper discusses basic auction formats, assessing the advantages and disadvantages of each, based on the existing, mostly theoretical, literature. It is noted that auction techniques can be usefully employed for a broad range of items and that their application is of particular relevance to the impetus in many parts of the world toward establishing market-oriented economies.

Suggested Citation

  • Robert A. Feldman & Rajnish Mehra, 1993. "Auctions: Theory and Applications," IMF Staff Papers, Palgrave Macmillan, vol. 40(3), pages 485-511, September.
  • Handle: RePEc:pal:imfstp:v:40:y:1993:i:3:p:485-511
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    Citations

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    Cited by:

    1. Osório-Peters, Suhita, 1998. "Die Reform der EU-Marktordnung für Bananen: Lösungsansätze eines fairen Handels unter Berücksichtigung der Interessen von Kleinproduzenten," ZEW Dokumentationen 98-07, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
    2. Rhee, S. Ghon, 2001. "Further Reforms of the JGB Market for the Promotion of Regional Bond Markets," CEI Working Paper Series 2001-14, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    3. Keunkwan Ryu & Gyung-Rok Kim & Seonghwan Oh, 2004. "Discriminatory vs Uniform Price Auction: Auction Revenue," Econometric Society 2004 Far Eastern Meetings 539, Econometric Society.
    4. repec:taf:glecrv:v:46:y:2017:i:2:p:189-202 is not listed on IDEAS
    5. Kondrát, Zsolt, 1996. "Az aukciós módszer hatása a kincstár bevételére
      [The impact of the auction method on the revenues of the Treasury]
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(6), pages 506-524.
    6. J. Teich & H. Wallenius & J. Wallenius, 1998. "Multiple Issue Action and Market Algorithms for the World Wide Web," Working Papers ir98109, International Institute for Applied Systems Analysis.
    7. Michael Klein, 1998. "Rebidding for Concessions," World Bank Other Operational Studies 11524, The World Bank.
    8. Osório-Peters, Suhita, 1998. "The goals of sustainable development and the reform of the EU banana trade regime: a discussion of different trade instruments," ZEW Discussion Papers 98-31, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
    9. Koji Kubo, 2017. "Impacts of Foreign Exchange Auctions on the Informal Market Rate in Myanmar," Global Economic Review, Taylor & Francis Journals, vol. 46(2), pages 189-202, April.
    10. Ajay Shah, 1995. "The Indian IPO Market: Suggestions for Institutional Arrangements," Finance 9507004, EconWPA.
    11. Angelo Ranaldo & Enzo Rossi, 2016. "Uniform-price auctions for Swiss government bonds: Origin and evolution," Economic Studies 2016-10, Swiss National Bank.
    12. Michael Beckmann, 2004. "Art Auctions and Bidding Rings: Empirical Evidence from German Auction Data," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 28(2), pages 125-141, May.
    13. Rhee, S. Ghon, 2000. "Further Reforms after the "BIG BANG": The Japanese Government Bond Market," CEI Working Paper Series 2000-3, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    14. Singh, Bhupal & Dhal, Sarat C., 1998. "Repo auction formats, bidders' behaviour and money market response in India," MPRA Paper 12147, University Library of Munich, Germany.

    More about this item

    JEL classification:

    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General
    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • D60 - Microeconomics - - Welfare Economics - - - General
    • P21 - Economic Systems - - Socialist Systems and Transition Economies - - - Planning, Coordination, and Reform
    • P23 - Economic Systems - - Socialist Systems and Transition Economies - - - Factor and Product Markets; Industry Studies; Population
    • P50 - Economic Systems - - Comparative Economic Systems - - - General

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