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IVIE working papers offer in advance the results of economic research under way in order to encourage a discussion process before sending them to scientific journals for their final publication.* We thank Rabah Amir, Peter Bank, Ulrich Schmidt, and an anonymous referee, as well as seminar participants at Louvain la Neuve (CORE), Tilburg, Hannover, Stony Brook, Venice (ESEM), Berlin, and Alicante for helpful comments and suggestions. Financial support by the Deutsche Forschungsgemeinschaft, through SFB 373 ("Quantikation und Simulation ¨Okonomischer Prozesse"), Humboldt-Universität zu Berlin is gratefully acknowledged.

IPO, Uniform price auction, Open offer, Proportional rationing, D44, D45, G32,

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