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Competition in treasury auctions
Elsinger, Helmut; Schmidt-Dengler, Philipp; Zulehner, … - 2016
examine the effect of increased competition on auction performance: We find that increased competition reduced bidder surplus … aggressive bidding. Counterfactuals establish that as competition increases, concerns regarding auction format play a smaller …
Persistent link: https://www.econbiz.de/10011436067
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Late and multiple bidding in second price Internet auctions : theory and evidence concerning different rules for ending an auction
Ockenfels, Axel; Roth, Alvin E. - 2003
their bids in the closing minutes or seconds of an auction. Late bids of this sort are much less frequent in auctions that … show that sniping in a fixed deadline auction can occur even at equilibrium in auctions with private values, as well as in … that apply the automatic extension rule. The strategic differences in the auction rules are reflected in the field data …
Persistent link: https://www.econbiz.de/10011508091
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Farmland values and bidder behavior in first-price land auctions
Croonenbroeck, Carsten; Odening, Martin; Hüttel, Silke - Agricultural Land Markets - Efficiency and Regulation - 2018
Within this paper, we aim to investigate asymmetries among bidders in land auctions that may entail non-competitive prices. Using representative data for Eastern Germany including winning bids, bidder characteristics, and land amenities, we pursue a structural approach to derive distributions of...
Persistent link: https://www.econbiz.de/10012012400
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Comparing open and sealed bid auctions : theory and evidence from timber auctions
Athey, Susan; Levin, Jonathan; Seira, Enrique - 2004
.S. Forest Service timber auctions, we document a set of systematic effects of auction format: sealed bid auctions attract more … for these qualitative effects of auction format. We then calibrate the model using parameters estimated from the data and … bidder competitiveness, which has important consequences for auction choice. …
Persistent link: https://www.econbiz.de/10011607074
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Behavioral biases of dealers in U.S. Treasury auctions
Goldreich, David - 2004
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...
Persistent link: https://www.econbiz.de/10011607087
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Strategic behavior and underpricing in uniform price auctions : evidence from Finnish treasury auctions
Keloharju, Matti; Nyborg, Kjell G.; Rydqvist, Kristian - 2003
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 result from monopsonistic market power. We...
Persistent link: https://www.econbiz.de/10011591006
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Effects of government spending on employment : evidence from winners and runners-up in procurement auctions
Gugler, Klaus; Weichselbaumer, Michael; Zulehner, Christine - 2018
, and compare the employment of the winner of an auction with the employment of the second ranked firm (i.e. the runner …-up firm). Assuming similar ex-ante winning probabilities for both firms, we may view winning an auction as an exogenous shock … labor demand in the weeks following an auction but only in the years before the recent economic crisis. It employs about 80 …
Persistent link: https://www.econbiz.de/10011854110
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Competition in treasury auctions
Elsinger, Helmut; Schmidt-Dengler, Philipp; Zulehner, … - 2016
examine the effect of increased competition on auction performance: We find that increased competition reduced bidder surplus … aggressive bidding. Counterfactuals establish that as competition increases, concerns regarding auction format play a smaller …
Persistent link: https://www.econbiz.de/10011495132
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Reserve price effects in auctions : estimates from multiple RD designs
Choi, Syngjoo; Nesheim, Lars; Rasul, Imran - 2010
auction outcomes. To establish causality, we exploit multiple discontinuities in the relationship between reserve prices and … vehicle characteristics to present RD estimates of reserve price effects on auction outcomes. Our first set of results show … that, in line with the robust predictions of auction theory, an increase in reserve price decreases the number of bidders …
Persistent link: https://www.econbiz.de/10008688876
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Informational Advantage in US Treasury Auctions
Tchuindjo, Leonard - 2019
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 …
Persistent link: https://www.econbiz.de/10012893365