Keloharju, Matti; Nyborg, Kjell G; Rydqvist, Kristian - C.E.P.R. Discussion Papers - 2002
We study uniform price auctions using a dataset that includes individual bidders' demand schedules in Finnish Treasury auctions during the period 1992-99. Average underpricing amounts to 0.041% of face value. Theory suggests that underpricing may result from monopsonistic market power. We...