Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/19523
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dc.contributor.authorRocholl, Jörgen
dc.date.accessioned2009-01-28T15:59:10Z-
dc.date.available2009-01-28T15:59:10Z-
dc.date.issued2005-
dc.identifier.urihttp://hdl.handle.net/10419/19523-
dc.description.abstractThis paper examines the results of 93 discriminatory German Treasury auctions between 1998 and 2002. It documents the seller's use of discretion and its influence on auction outcomes and bidding strategies. The evidence suggests that the seller uses its discretion frequently and substantially. It does not maximize revenues in a single-period game, but moves up in the competitive demand curve to set the auction price close to the market price. Bidders do not make profits in German auctions on average, while their bidding strategies reflect the uncertainty created by the seller's discretion. The paper extends and tests the multi-unit auction model by Lengwiler (1999). The empirical evidence is consistent with the implication that the market-clearing price depends on the seller's marginal cost rather than on the submitted demand.en
dc.language.isoengen
dc.publisher|aDeutsche Bundesbank |cFrankfurt a. M.en
dc.relation.ispartofseries|aDiscussion Paper Series 1 |x2005,15en
dc.subject.jelH63en
dc.subject.jelG28en
dc.subject.ddc330en
dc.subject.keywordDiscriminatory auctionsen
dc.subject.keywordWinner's curseen
dc.subject.keywordSeller discretionen
dc.subject.stwSchatzpapieren
dc.subject.stwÖffentliche Anleiheen
dc.subject.stwWertpapieremissionen
dc.subject.stwAuktionstheorieen
dc.subject.stwWiederholte Spieleen
dc.subject.stwSchätzungen
dc.subject.stwDeutschlanden
dc.titleDiscriminatory auctions with seller discretion: evidence from German treasury auctions-
dc.typeWorking Paperen
dc.identifier.ppn487740661en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:bubdp1:3374en

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