Auctions With Resale Markets An Exploratory Model of Treasury Bill Markets

Cover Auctions With Resale Markets An Exploratory Model of Treasury Bill Markets
Auctions With Resale Markets An Exploratory Model of Treasury Bill Markets
Sushil Bikhchandani
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. , Zm), are said to be information complements with respect to another random variable T if ^\\ ' ""' >0, ^i^j, Vzu... , Zm, aziOZj where 4, {zu... , Z^)=E\f\Zi = Zu---, Zm = Zm\- 3 Discriminatory auction 11 Thus, the random variables (A'l, . . . , Xn, P) are information complements with respect to V if the marginal contribution to the conditional expectation of V" of a higher realization of Xi is larger the higher the realization of any other Xj or P. This information complemen- tarity condit...ion is satisfied by a large class of distributions. For example, if

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