Auctions: Theory and Possible Applications to Economies in Transition

32 Pages Posted: 15 Feb 2006

See all articles by Robert Feldman

Robert Feldman

Independent

Rajnish Mehra

Arizona State University (ASU) - W.P Carey School of Business, Department of Economics; National Bureau of Economic Research (NBER)

Date Written: February 1993

Abstract

A major effort is taking place in many parts of the world to establish market-oriented institutions, a development that is particularly evident in the context of the transforming economies in Eastern Europe and the republics of the former Soviet Union. Against this background, this paper assesses various auction techniques to price and allocate government securities, refinance credit, foreign exchange, and state assets in the context of privatization programs. Before making our recommendations on the appropriate format for auctioning these items, the paper explains basic auction formats and assesses the advantages and disadvantages of these formats drawing on the existing, and mostly theoretical, literature.

JEL Classification: C70, D40, D44, D60, P21, P23, P50

Suggested Citation

Feldman, Robert and Mehra, Rajnish, Auctions: Theory and Possible Applications to Economies in Transition (February 1993). IMF Working Paper, Vol. , pp. 1-32, 1993. Available at SSRN: https://ssrn.com/abstract=883432

Robert Feldman (Contact Author)

Independent

No Address Available

Rajnish Mehra

Arizona State University (ASU) - W.P Carey School of Business, Department of Economics ( email )

Tempe, AZ 85287-3806
United States
480 965 6335 (Phone)

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

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