Please use this identifier to cite or link to this item: https://doi.org/10.1007/BF01951480
Title: Auction design and bidding strategy for the note issuance facility
Authors: Mao, J. 
Issue Date: 1990
Source: Mao, J. (1990). Auction design and bidding strategy for the note issuance facility. Asia Pacific Journal of Management 7 (2) : 79-95. ScholarBank@NUS Repository. https://doi.org/10.1007/BF01951480
Abstract: Three auctioning methods are considered for the Note Issuance Facility. They are (i) the discriminatory auction where each winning bidder is paid his own interest rate bid, (ii) the stop-out-rate auction where all winners are paid the interest rate that clears the market, and (iii) the lowest-rejected-bid auction in which all winners are paid the lowest rejected interest rate bid. For each auctioning method, the bidder's optimal bidding strategy is derived and the note issuer's corresponding expected interest rate is obtained. The results under these three auctioning methods are then compared. © 1990 School of Management National University of Singapore.
Source Title: Asia Pacific Journal of Management
URI: http://scholarbank.nus.edu.sg/handle/10635/45225
ISSN: 02174561
DOI: 10.1007/BF01951480
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