Stabsseminar ved Geir Bjønnes

Institutt for foretaksøkonomi holder fredag stabsseminar ved Geir Bjønnes fra Handelshøyskolen BI.

20.09.2001 - Torunn G. Saunes

Tema: " Winner's Curse in Discriminatory Price Auctions: Evidence from the Norwegian Treasury Bill Auctions"

Abstract
"This paper studies bidder behavior using a very detailed data set consisting of actual bid distributions in Norwegian Treasury bill auctions held during 1993-1998. The empirical results presented suggest that observed bidder behavior is consistent with an adjustment for the winner's curse/"champions plague". Bidders shade and disperse their bids more, and reduce quantity demanded, when the number of competing bidders increases. On average, large, medium-sized and small bidders earn the same pro.ts per NOK purchased. However, there are some evidence that bidder behavior di.ers across bidder types."

Paper er tilgjengelig på instituttets hjemmeside.

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