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We study entry and bidding patterns in sealed bid and open auctions with heterogeneous bidders. Using data from U ….S. Forest Service timber auctions, we document a set of systematic effects of auction format: sealed bid auctions attract more … extends the theory of private value auctions with heterogeneous bidders to capture participation decisions, that can account …
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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 short position of the auctioned security,...
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