We analyze the implications of different pricing rules in discrete clock auctions. The two most common pricing rules … market; under LAB, the winners pay the highest price that clears the market. Both the HRB and LAB auctions maximize revenues …

. Securities that are widely held are purchased in auctions for individual securities. Securities with concentrated ownership are … of each security. We study bidding behavior and performance of sealed-bid uniform-price auctions and dynamic clock … auctions. The clock and sealed-bid auctions resulted in similar prices. However, the clock auctions resulted in substantially …