Brenner, Menachem; Galai, Dan; Sade, Orly - In: Journal of Monetary Economics 56 (2009) 2, pp. 267-274
Many financial assets, especially government bonds, are issued by an auction. An important feature of the design is the auction pricing mechanism: uniform versus discriminatory. Theoretical papers do not provide a definite answer regarding the dominance of one type of auction over the other. We...