which the monopoly outcome with equal sharing is sustainable in the uniform price auction, but not in the corresponding … discriminatory auction. Moreover, capacity withholding may be necessary to sustain this out-come. We extend these results to the case …

The Bank of Spain uses a unique auction format to sell government bonds, which can be seen as a hybrid of a uniform and … a discriminatory auction. For winning bids above the average winning bid, buyers are charged the average winning bid …, otherwise they pay their respective bids. We report on an experiment that compares this auction format to the discriminatory …

Updated - please see paper 551.02 in this series. The Bank of Spain uses a unique auction format to sell government … bonds, which can be seen as a hybrid of a uniform and a discriminatory auction. For winning bids above the average winning … compares this auc-tion format to the discriminatory format used in most other countries. We use a common value model with multi …