2 results for Armantier, O

  • Estimation and Comparison of Treasury Auction Formats when Bidders are Asymmetric

    Armantier, O; Sbai, Erwann (2006)

    Journal article
    The University of Auckland Library

    The structural parameters of a share-auction model accounting for asymmetries across bidders, as well as supply uncertainty, are estimated with a sample of French Treasury auctions. We find evidence of both informational and risk aversion asymmetries across bidders. A counter-factual analysis also suggests that, in the context of the French Treasury auctions, a shift from the discriminatory to the uniform-price format would simultaneously benefit the French Treasury and the auctions’ participants.

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  • Comparison of Alternative Payment Mechanisms for French Treasury Auctions

    Sbai, Erwann; Armantier, O (2009)

    Journal article
    The University of Auckland Library

    Treasury auctions around the world have been typically conducted under either the uniform or discriminatory format. We propose alternative payment mechanisms, including uniform and discriminatory formats as special cases, and also the Spanish format. We compare the properties of these alternative formats in the specific context of French Treasury auctions.

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