{
  "title": "Auction Format Matters: Evidenceon Bidding Behavior and Seller Revenue",
  "publication": "IMF Working Papers, May 1, 1995",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/30/auction-format-matters-evidenceon-bidding-behavior-and-seller-revenue-1862",
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  "summary": "This paper evaluates the importance of auction format on bidding behavior and seller revenue, focusing on differences in performance under uniform-price and discriminatory-price formats.",
  "sections": [
    {
      "heading": "Authors and Publication",
      "content": "- Robert A Feldman, Vincent Reinhart\n- May 1, 1995\n- IMF Working Papers, Working Paper No. 1995/047, Volume: 1995, Issue: 047, Pages: 30\n- DOI: https://doi.org/10.5089/9781451846607.001\n- Stock No: WPIEA0471995\n- ISBN: 9781451846607\n- ISSN: 1018-5941"
    },
    {
      "heading": "Research Question and Scope",
      "content": "- Evaluates the importance of auction format on bidding behavior and seller revenue.\n- Focuses on differences in performance under uniform-price and discriminatory-price formats.\n- Applies a standard benchmark model to data from the IMF gold auctions run in 1976-80."
    },
    {
      "heading": "Methodology and Theoretical Framework",
      "content": "- Uses a standard benchmark model to derive empirically-testable hypotheses on the optimal amount of bid shading that generates revenue equivalence between uniform-price and discriminatory-price formats.\n- Empirical application: IMF gold auctions data (1976-80)."
    },
    {
      "heading": "Key Findings",
      "content": "- Evidence of statistically significant shading in excess of the theoretically-derived optimum under the discriminatory format.\n- This evidence suggests greater seller revenue under the uniform-price format."
    },
    {
      "heading": "Subject Areas and Keywords",
      "content": "- Subject: Commodities, Commodity markets, Financial markets, Gold, Gold prices, Prices\n- Keywords: auction format, Central and Eastern Europe, Commodity markets, discriminating-price auction, discriminatory-price auction, Gold, Gold prices, price, uniform-price auction, uniform-price format, WP"
    },
    {
      "heading": "Notable Publication Details",
      "content": "- Also published in Staff Papers, Vol. 43, No. 2, June 1996.\n- Available in IMF eLibrary formats.\n\nIMF Working Paper — Auction Format Matters: Evidenceon Bidding Behavior and Seller Revenue\n\n---\n\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/30/auction-format-matters-evidenceon-bidding-behavior-and-seller-revenue-1862"
    }
  ],
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    "Authors: Robert A Feldman, Vincent Reinhart",
    "Published: May 1, 1995",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451846607.001",
    "Robert A Feldman, Vincent Reinhart",
    "May 1, 1995",
    "IMF Working Papers, Working Paper No. 1995/047, Volume: 1995, Issue: 047, Pages: 30",
    "DOI: https://doi.org/10.5089/9781451846607.001",
    "Stock No: WPIEA0471995",
    "ISBN: 9781451846607",
    "ISSN: 1018-5941",
    "Evaluates the importance of auction format on bidding behavior and seller revenue.",
    "Focuses on differences in performance under uniform-price and discriminatory-price formats.",
    "Applies a standard benchmark model to data from the IMF gold auctions run in 1976-80.",
    "Uses a standard benchmark model to derive empirically-testable hypotheses on the optimal amount of bid shading that generates revenue equivalence between uniform-price and discriminatory-price formats.",
    "Empirical application: IMF gold auctions data (1976-80).",
    "Evidence of statistically significant shading in excess of the theoretically-derived optimum under the discriminatory format.",
    "This evidence suggests greater seller revenue under the uniform-price format.",
    "Subject: Commodities, Commodity markets, Financial markets, Gold, Gold prices, Prices",
    "Keywords: auction format, Central and Eastern Europe, Commodity markets, discriminating-price auction, discriminatory-price auction, Gold, Gold prices, price, uniform-price auction, uniform-price format, WP",
    "Also published in Staff Papers, Vol. 43, No. 2, June 1996.",
    "Available in IMF eLibrary formats."
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