Empirical study of treasury auction formats

Yanping Bai*, Yu Zhang

*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceedingConference contributionpeer-review

Abstract

The revenue between Dutch auction, American auction and hybrid auction can not be compared by auction theory. The paper establishes a statistical empirical model and uses the data of China's treasury auction market to examine the revenue between Dutch auction, American auction and hybrid auction. The paper has three important conclusions and the hybrid auction can prevent the winner's course and collusion. It is the better treasury auction format for the seller.

Original languageEnglish
Title of host publicationAdvances in Applied Economics, Business and Development - International Symposium, ISAEBD 2011, Proceedings
Pages127-132
Number of pages6
EditionPART 2
DOIs
Publication statusPublished - 2011
Externally publishedYes
Event2011 International Symposium on Applied Economics, Business and Development, ISAEBD 2011 - Dalian, China
Duration: 6 Aug 20117 Aug 2011

Publication series

NameCommunications in Computer and Information Science
NumberPART 2
Volume209 CCIS
ISSN (Print)1865-0929

Conference

Conference2011 International Symposium on Applied Economics, Business and Development, ISAEBD 2011
Country/TerritoryChina
CityDalian
Period6/08/117/08/11

Keywords

  • American auction
  • Dutch auction
  • Hybrid auction
  • Statistic analysis
  • Treasury auction format

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