as their bidding strategies and it precludes the auction from generating a cost-effective allocation of permits, as it …

We develop tests for common values at first-price sealed-bid auctions. Our tests are nonparametric, require observation … values auctions. The tests build on recently developed methods for using observed bids to estimate each bidder’s conditional … different types of U.S. Forest Service timber auctions. For unit-price (“scaled”) sales often argued to fit a private values …

We study uniform price auctions using a dataset which includes individual bidders' demand schedules in Finnish Treasury … auctions during the period 1992-99. Average underpricing amounts to .041% of face value. Theory suggests that underpricing may … that the auctions are part of a repeated game between the Treasury and the primary dealers. Empirically, the main driver …

This paper provides evidence of bounded rationality by large dealers in U.S. Treasury auctions. I argue that these … dealers use a heuristic of yield-space bidding which leads to biases manifested in three ways: they submit dominated bids, i ….e., those that could be improved without raising the bidding price; they bid in a manner that disregards the unevenly spaced …