Estimation and comparison of treasury auction formats when bidders are asymmetric
竞标者不对称下国债拍卖机制的估计与比较
Abstract The structural parameters of a share‐auction model accounting for asymmetries across bidders, as well as supply uncertainty, are estimated with a sample of French Treasury auctions. We find evidence of both informational and risk aversion asymmetries across bidders. A counter‐factual analysis also suggests that, in the context of the French Treasury auctions, a shift from the discriminatory to the uniform‐price format would simultaneously benefit the French Treasury…