{"id":123594,"date":"2024-01-23T08:38:55","date_gmt":"2024-01-23T07:38:55","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/123594\/"},"modified":"2024-11-07T05:26:52","modified_gmt":"2024-11-07T04:26:52","slug":"competition-in-treasury-auctions-3","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/123594\/","title":{"rendered":"Competition in Treasury Auctions"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-123594","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"Austria's EU accession led to an increase in the number of banks participating in treasury auctions. We use structural estimates of bidders' private values to examine the effect of increased competition on auction performance. As the results show, increased competition reduces bidder surplus substantially, but less than reduced form estimates would suggest. A significant component of the surplus reduction is due to more aggressive bidding. Counterfactuals establish that as competition increases, concerns regarding auction format play a smaller role.","onlinedate":"2016-03-08 12:00:00","lang":"English","publication_series":"","publication_date":"20160201","publication_date_year":"","publication_date_full":false,"publication_num_pages":"33","keywords":"[\"auction format\",\"bidder surplus\",\"competition\",\"independent private values\",\"multi-unit auctions\",\"treasury auctions\"]","jelcodes":"[]","related_publications":"[]","pdf":362052,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"512","journal":"WIFO Working Papers","publisher":"","invisible":false,"external":false,"embargo_date":"2016-03-08 12:00:00","types":[44410],"research_groups":[3491,3510],"collaboration":"","persons":[15529,4979,3553],"persons_data":"[{\"personId\":15529,\"personName\":\"Helmut Elsinger\",\"organisationNames\":[]},{\"personId\":4979,\"personName\":\"Philipp Schmidt-Dengler\",\"organisationNames\":[]},{\"personId\":3553,\"personName\":\"Christine Zulehner\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\">Elsinger, H.<span>, Schmidt-Dengler, P.<\\\/span><span>, &amp; Zulehner, C.<\\\/span> (2016). <span>Competition in Treasury Auctions<\\\/span>. <span><em>WIFO Working Papers<\\\/em><\\\/span>, (512). <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/58731\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/58731<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\">Elsinger H<span>, Schmidt-Dengler P<\\\/span><span>, Zulehner C<\\\/span>. <span class=\\\"title\\\"><span>Competition in Treasury Auctions<\\\/span><\\\/span>. <span>WIFO Working Papers<\\\/span>. 2016 Feb;(512).<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{d61997c00d4f443186fe0bcfbdad7e7b,<\\\/div><div>  title    = \\\"Competition in Treasury Auctions\\\",<\\\/div><div>  abstract = \\\"Austria's EU accession led to an increase in the number of banks participating in treasury auctions. We use structural estimates of bidders' private values to examine the effect of increased competition on auction performance. As the results show, increased competition reduces bidder surplus substantially, but less than reduced form estimates would suggest. A significant component of the surplus reduction is due to more aggressive bidding. Counterfactuals establish that as competition increases, concerns regarding auction format play a smaller role.\\\",<\\\/div><div>  keywords = \\\"auction format, bidder surplus, competition, independent private values, multi-unit auctions, treasury auctions, auction format, bidder surplus, competition, independent private values, multi-unit auctions, treasury auctions\\\",<\\\/div><div>  author   = \\\"Helmut Elsinger and Philipp Schmidt-Dengler and Christine Zulehner\\\",<\\\/div><div>  note     = \\\"Competition in Treasury Auctions\\\",<\\\/div><div>  year     = \\\"2016\\\",<\\\/div><div>  month    = feb,<\\\/div><div>  language = \\\"English\\\",<\\\/div><div>  journal  = \\\"WIFO Working Papers\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - Competition in Treasury Auctions<\\\/p><p>AU  - Elsinger, Helmut<\\\/p><p>AU  - Schmidt-Dengler, Philipp<\\\/p><p>AU  - Zulehner, Christine<\\\/p><p>N1  - Competition in Treasury Auctions<\\\/p><p>PY  - 2016\\\/2<\\\/p><p>Y1  - 2016\\\/2<\\\/p><p>N2  - Austria's EU accession led to an increase in the number of banks participating in treasury auctions. We use structural estimates of bidders' private values to examine the effect of increased competition on auction performance. As the results show, increased competition reduces bidder surplus substantially, but less than reduced form estimates would suggest. A significant component of the surplus reduction is due to more aggressive bidding. Counterfactuals establish that as competition increases, concerns regarding auction format play a smaller role.<\\\/p><p>AB  - Austria's EU accession led to an increase in the number of banks participating in treasury auctions. We use structural estimates of bidders' private values to examine the effect of increased competition on auction performance. As the results show, increased competition reduces bidder surplus substantially, but less than reduced form estimates would suggest. A significant component of the surplus reduction is due to more aggressive bidding. 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