Bidding dynamics in multi-unit auctions: empirical evidence from online auctions of certicates of deposit

This study examines online multi-unit, discriminatory, ascending auctions of certicates of de- posit. We nd evidence suggesting that the most aggressive bids are likely to occur at the beginning and the end of the auctions. The opening of the auction serves an important role in price discovery. In addition, in multi-unit auctions last-minute bidding is a conditi..