## Auction Format Matters: Evidenceon Bidding Behavior and Seller Revenue

_IMF Working Papers, May 1, 1995_

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## Bibliographic details
- Authors: Robert A Feldman, Vincent Reinhart
- Published: May 1, 1995
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451846607.001

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### Authors and Publication
- 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

### Research Question and Scope
- 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.

### Methodology and Theoretical Framework
- 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).

### Key Findings
- 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 Areas and Keywords
- 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

### Notable Publication Details
- Also published in Staff Papers, Vol. 43, No. 2, June 1996.
- Available in IMF eLibrary formats.

*IMF Working Paper — Auction Format Matters: Evidenceon Bidding Behavior and Seller Revenue*

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_Source: https://www.imf.org/en/publications/wp/issues/2016/12/30/auction-format-matters-evidenceon-bidding-behavior-and-seller-revenue-1862_