Auctioned

Download or read book Auctions written by Mr.Robert Alan Feldman and published by International Monetary Fund. This book was released on 1993-02-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.