Excerpt from The Economics of Treasury Securities Markets Ascending-price Auction: Starting with a very low price, the auctioneer calls out an increasing sequence of prices. Bidders indicate their interest in buying at the current price. The auctioneer stops when the demand at the current price equals the supply. The demands of bidders interested in buying at this price are met. This type of auction is commonly used to sell art. Descending-price Auction: Starting with a very high price, the auctioneer calls out a ...
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Excerpt from The Economics of Treasury Securities Markets Ascending-price Auction: Starting with a very low price, the auctioneer calls out an increasing sequence of prices. Bidders indicate their interest in buying at the current price. The auctioneer stops when the demand at the current price equals the supply. The demands of bidders interested in buying at this price are met. This type of auction is commonly used to sell art. Descending-price Auction: Starting with a very high price, the auctioneer calls out a decreasing sequence of prices until a bidder buys some of the objects at the current price. The remaining supply is sold using the same method, again starting with a very high price. This auction is used to sell tulips in the Netherlands. The Department of Treasury had been using a discriminatory auction to sell all its securities (see Section Recently, it switched to a uniform-price auction-for selling two-year and five-year notes. Other Treasury securities are still sold by a discriminatory auction.3 Ultimately, the Treasury plans to use an ascending-price auction to sell all its securities (see the Joint Report on the Government Securities Market page xiv). About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at ... This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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