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Improving selling of Treasury Bills

Menezes, Flavio

Description

There is a renewed interest in studying the optimal procedure to sell Treasury Bills. This debate, which has its roots in Milton Friedman's proposal to use uniform-price auctions (Friedman, 1960), has concentrated on the advantages of the uniform versus the discriminatory-price auction. In a uniform-price auction, bids (which include both price and quantity) are ordered by price, from the highest to the lowest. The auctioneer accepts quantities up to the amount it is selling, but all winners...[Show more]

dc.contributor.authorMenezes, Flavio
dc.date.accessioned2009-09-15T05:17:42Z
dc.date.accessioned2010-12-20T06:04:21Z
dc.date.available2009-09-15T05:17:42Z
dc.date.available2010-12-20T06:04:21Z
dc.identifier.citationAgenda 7.2 (2000): 143-152
dc.identifier.issn1322-1833
dc.identifier.issn1447-4735
dc.identifier.urihttp://hdl.handle.net/10440/852
dc.identifier.urihttp://digitalcollections.anu.edu.au/handle/10440/852
dc.description.abstractThere is a renewed interest in studying the optimal procedure to sell Treasury Bills. This debate, which has its roots in Milton Friedman's proposal to use uniform-price auctions (Friedman, 1960), has concentrated on the advantages of the uniform versus the discriminatory-price auction. In a uniform-price auction, bids (which include both price and quantity) are ordered by price, from the highest to the lowest. The auctioneer accepts quantities up to the amount it is selling, but all winners pay the price equivalent to the highest losing bid. In a discriminatory-price auction, bids are ordered similarly, but each agent pays the price she bid.
dc.format10 pages
dc.publisherAustralian National University
dc.rightshttp://epress.anu.edu.au/faqs/faqs_copyright.html#1 "Authors are not permitted to publish works published by ANU E Press on any other web site except their personal sites or sites associated with their institutions, as long as these are non-commercial sites. Authors are permitted to post the title and abstract of their book on any relevant web site as well as posting links on any site that direct readers to ANU E Press site." - from publisher web site (as at 19/02/10)
dc.sourceAgenda: A Journal of Policy Analysis and Reform
dc.source.urihttp://epress.anu.edu.au/agenda/007/02/7-2-A-4.pdf
dc.titleImproving selling of Treasury Bills
dc.typeJournal article
local.description.notesAffiliation in article: Menezes, Flavio, also with Graduate School of Economics (EPGE/FGV) in Rio de Janeiro
local.description.refereedYes
local.identifier.citationvolume7
dc.date.issued2009-09-15T05:17:42Z
local.identifier.absfor150201
local.identifier.ariespublicationMigratedxPub21858
local.type.statusPublished Version
local.contributor.affiliationMenezes, Flavio, College of Business and Economics, School of Economics
local.bibliographicCitation.startpage143
local.bibliographicCitation.lastpage152
dc.date.updated2015-12-12T09:09:00Z
CollectionsANU Research Publications

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