Cramton, Peter; Ausubel, Lawrence M. - University of Maryland, Department of Economics - Peter … - 2008
financial crisis, using market mechanisms such as reverse auctions where appropriate. This paper presents a high-level design … descending clock auctions. The auctions operate on a security-by-security basis to avoid adverse selection. To assure that the … largest three sellers. Demand bids from private buyers are also allowed. The simultaneous clock auctions protect the taxpayer …