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Bidding Theory and the Treasury Bill Auction: Does Price Discrimination Increase Bill Prices?

Vernon L. Smith
The Review of Economics and Statistics 1966 48(2), 141
This paper is not directed to the question of whether the Treasury should or should not practice in the public sector what the Clayton Act prohibits in the private sector. The paper is concerned exclusively with the theoretical question of whether the Treasury would necessarily receive higher prices by employing price discrimination than it could get by selling the issues at a single price. From a theory of bidding under uncertainty, which seems to apply naturally to the Treasury auction, it will be shown that buyers may be expected to enter lower bids under price discrimination than they would for a simulated competitive auction. If this analysis is accepted, it suggests that the Treasury may actually get less revenue from a given bill offering under price discrimination than under a competitive auction.

Quasi-Cores in a Monetary Economy with Nonconvex Preferences

L. S. Shapley; Martin Shubik
Econometrica 1966 34(4), 805
Abstract : A model of a pure exchange economy is investigated without the usual assumption of convex preference sets for the participating traders. The concept of core, taken from the theory of games, is applied to show that if there are sufficiently many participants, the economy as a whole will possess a solution that is sociologically stable--i.e., that cannot profitably be upset by any coalition of traders.

What do Students Think of Your Elementary Course?

Ronald J. Patten; Lawrence L. Steinmetz
The Accounting Review 1966 41(4), 767-772
Abstract The article discusses a study that investigated the attitudes of accounting students towards the elementary accounting course. The authors of the study compared the effectiveness of the traditional practice set versus the business game in teaching elementary accounting principles. They conclude that there is work to be done on a continuing basis if basic accounting instruction is to improve and obtain a greater acceptance as a stimulating subject. The students are a very trying jury and yet their attitudes bear importantly on the future of accounting and accountants in terms of the image conveyed by the use of either term.