#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Sometimes, a descending price auction is modified (modified Dutch auction) so that winning bidders all pay the same price, which is the reservation price of the bidder whose bid wins the last units offered.
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iamcfa - (no access) - 2015 CFA Level 1 Study Schweser Book 2 - Economics, p19
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