We extend Wilson (1979) share auction framework to model the uniform-price US Treasury auction as a two-stage multiple … its bidding behavior in handling the risk of being short-squeezed or face the winner curse in the post-auction market …

independent values across bidders. The values are assumed to be perfectly persistent over time.We analyze the first-price auction … disclosure regime, in which each bidder only learns privately whether he won or lost the auction at the end of each round. In … equilibrium, the winner of the initial auction lowers his bids over time, while losers keep their bids constant, in anticipation …