Improving selling of Treasury Bills
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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.author | Menezes, Flavio | |
---|---|---|
dc.date.accessioned | 2009-09-15T05:17:42Z | |
dc.date.accessioned | 2010-12-20T06:04:21Z | |
dc.date.available | 2009-09-15T05:17:42Z | |
dc.date.available | 2010-12-20T06:04:21Z | |
dc.identifier.citation | Agenda 7.2 (2000): 143-152 | |
dc.identifier.issn | 1322-1833 | |
dc.identifier.issn | 1447-4735 | |
dc.identifier.uri | http://hdl.handle.net/10440/852 | |
dc.identifier.uri | http://digitalcollections.anu.edu.au/handle/10440/852 | |
dc.description.abstract | 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 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.format | 10 pages | |
dc.publisher | Australian National University | |
dc.rights | http://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.source | Agenda: A Journal of Policy Analysis and Reform | |
dc.source.uri | http://epress.anu.edu.au/agenda/007/02/7-2-A-4.pdf | |
dc.title | Improving selling of Treasury Bills | |
dc.type | Journal article | |
local.description.notes | Affiliation in article: Menezes, Flavio, also with Graduate School of Economics (EPGE/FGV) in Rio de Janeiro | |
local.description.refereed | Yes | |
local.identifier.citationvolume | 7 | |
dc.date.issued | 2009-09-15T05:17:42Z | |
local.identifier.absfor | 150201 | |
local.identifier.ariespublication | MigratedxPub21858 | |
local.type.status | Published Version | |
local.contributor.affiliation | Menezes, Flavio, College of Business and Economics, School of Economics | |
local.bibliographicCitation.startpage | 143 | |
local.bibliographicCitation.lastpage | 152 | |
dc.date.updated | 2015-12-12T09:09:00Z | |
Collections | ANU Research Publications |
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