Bidder Participation and Information in Currency Auctions

Bidder Participation and Information in Currency Auctions
This paper studies the participation and performance of sophisticated versus unsophisticated auction participants in an environment with numerous bidders, uncertainty, and asymmetric information. We examine multi-unit, pay-as-bid, currency auctions conducted by the Central Bank of Venezuela. We find that sophisticated bidders outperform their... READ MORE...

Publication date: August 2005
ISBN 9781451861761
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