original papers : Treasury auctions: Uniform or discriminatory?

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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Year of publication:	2000-12-01
Authors:	Binmore, Ken ; Swierzbinski, Joe
Published in:	Review of Economic Design. - Springer. - Vol. 5.2000, 4, p. 387-410
Publisher:	Springer
Subject:	Auctions \| government bond markets \| uniform-price auctions \| discriminatory-price auctions

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Extent:	application/pdf
Type of publication:	Article
Notes:	Received: 28 May 1999 / Accepted: 27 September 1999
Classification:	D44 - Auctions ; G18 - Government Policy and Regulation ; G28 - Government Policy and Regulation
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005596563