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Pre-Auction Short Positions and Impacts on Primary Dealers' Bidding Behavior in US Treasury Auctions
Tchuindjo, Leonard - 2019
We model the uniform-price US Treasury security auction as a static symmetric game of incomplete information in which … each payer is a primary dealer who submits a demand schedule given two independent sources of private information – his pre-auction … we show how his pre-auction short position impacts his bidding behavior – in particular: the dealer's demand for the …
Persistent link: https://www.econbiz.de/10012905263
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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
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On the interaction between product markets and markets for production capacity : the case of the electricity industry
Richter, Jan - 2012
the spot market. -- capacity market ; procurement auction ; electricity market ; competitive equilibrium …
Persistent link: https://www.econbiz.de/10009743582
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Some evidence on late bidding in eBay auctions
Wintr, Ladislav - 2008
Bidding in the last seconds or minutes of an auction is a common strategy in Internet auctions with fixed end …
Persistent link: https://www.econbiz.de/10011599112
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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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The quality of price formation at market openings and closings: Evidence from the Nasdaq stock market
Pagano, Michael S.; Peng, Lin; Schwartz, Robert A. - 2008
We assess the quality of opening and closing prices for Nasdaq stocks by examining the effect that opening and closing call auctions (introduced in 2004) have had on price formation. Our use of measurement intervals of one minute or less sharpens the picture of intra-day volatility...
Persistent link: https://www.econbiz.de/10010303693
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Comparing Open and Sealed Bid Auctions: Theory and Evidence from Timber Auctions
Levin, Jonathan; Athey, Susan; 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/10011325016
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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/10011325017
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American idol: should it be a singing contest or a popularity contest?
Amegashie, J. Atsu - 2007
In the very popular FOX TV reality show, American Idol, the judges, who are presumably experts in evaluating singing effort, have no voting power when the field is narrowed to the top twenty-four contestants. It is only the votes of viewers that count. In the 2007 season of the show, one of the...
Persistent link: https://www.econbiz.de/10010264269