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A New Auction for Substitutes: Central-Bank Liquidity Auctions, “Toxic Asset” Auctions, and Variable Product-Mix Auctions.

Abstract:

I describe a new static (sealed-bid) auction for differentiated goods—the “Product-Mix Auction”. Bidders bid on multiple assets simultaneously, and bidtakers choose supply functions across assets. The auction yields greater efficiency, revenue, information, and trade than running multiple separate auctions. It is also often simpler to use and understand, and less vulnerable to collusion, than a simultaneous multiple round auction. I designed it after the 2007 Northern Rock bank-run to help th...

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Authors


Paul Klemperer More by this author
Journal:
Journal of the European Economic Association
Volume:
8
Publication date:
2010
URN:
uuid:1e88f548-dfd4-40e6-a9b8-2a708342a99c
Local pid:
oai:economics.ouls.ox.ac.uk:14328
Language:
English

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