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Asset Auctions, Information, and Liquidity

Xavier Vives ()

Journal of the European Economic Association, 2010, vol. 8, issue 2-3, 467-477

Abstract: A model is presented of a uniform price auction where bidders compete in demand schedules; the model allows for common and private values in the absence of exogenous noise. It is shown how private information yields more market power than the levels seen with full information. Results obtained here are broadly consistent with evidence from asset auctions, may help explain the response of central banks to the crisis, and suggest potential improvements in the auction formats of asset auctions. (JEL: D44, D82, G14, E58) (c) 2010 by the European Economic Association.

JEL-codes: D44 D82 G14 E58 (search for similar items in EconPapers)
Date: 2010
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Working Paper: Asset Auctions, Information, and Liquidity (2010) Downloads
Working Paper: Asset Auctions, Information, and Liquidity (2010) Downloads
Working Paper: Asset auctions, information and liquidity (2009) Downloads
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Journal of the European Economic Association is currently edited by Xavier Vives, George-Marios Angeletos, Orazio P. Attanasio, Fabio Canova and Roberto Perotti

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