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 …

policy risk. Yet most end investors place their Treasury auction bids through an intermediary rather than submit them …, information aggregators increase expected auction revenue but also make the revenue more sensitive to changes in asset value. We …

timber auctions, the Forest Service publicly announces its estimates of the tract characteristics before the auction, and … incorporates both differential information and the fact that bids placed in timber auctions are multidimensional. The theory …