Author : Kjell G. Nyborg
Release : 2011
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Bidder Behavior in Multi-Unit Auctions - Evidence from Swedish Treasury Auctions - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Bidder Behavior in Multi-Unit Auctions - Evidence from Swedish Treasury Auctions write by Kjell G. Nyborg. This book was released on 2011. Bidder Behavior in Multi-Unit Auctions - Evidence from Swedish Treasury Auctions available in PDF, EPUB and Kindle. We analyze a unique data set on multiunit auctions, which contains the actual demand schedules of the bidders as well as the auction awards in over 400 Swedish Treasury auctions. First, we document that bidders vary their prices, bid dispersion, and the quantity demanded in response to increased uncertainty at the time of bidding. Second, we find that bid shading can be explained by a winner's curse-driven model in which each bidder submits only one bid, despite the fact that the bidders in our data set use much richer bidding strategies. Third, we explore the extent to which the received theories of multiunit auctions are able to offer insights into the bidder behavior we observe. Our empirical evidence is consistent with some of the predictions of the models of auctions that emphasize private information, the winner's curse, and the champion's plague. While the models of multiunit auctions serve as useful guideposts, our empirical findings also point to several new areas of research in multiunit auctions that are of policy and theoretical interest.