Auction theory has ambiguous implications regarding the relative efficiency of three formats of multiunit auctions …: uniform-price, discriminatory-price, and Vickrey auctions. We empirically evaluate the performance of these three auction … June 1, 2014 through November 17, 2014. We estimate marginal cost curves for all dealers, at each auction, based on …

measuring the impact of two key variables on this trade-off: capacity restraint and discount on the auction clearing price … consequently, the most predictable auction outcome. There are indications that a discount of 8% may suffice to incentivize …