Uniform price versus discriminatory auctions in bond markets: A experimental analysis based on multi-agents system

The uniform price auction and discriminatory price auction are used in bond issue. Which auction has higher market efficiency is still an unresolved problem. In this paper, we compare the difference between uniform price auction and discriminatory auction with simulated experiments. The results show that the uniform price auction is a better choice in a long term. And discriminatory price auction is efficient as a short-term policy.