Abbink, Klaus; Brandts, Jordi; Pezanis-Christou, Paul - Departament d'Economia i Història Econòmica, … - 2002
The Bank of Spain uses a unique auction format to sell government bonds, which can be seen as a hybrid of a uniform and a discriminatory auction. For winning bids above the average winning bid, buyers are charged the average winning bid, otherwise they pay their respective bids. We report on an...