Cursed
In the design of successful auctions, the devil is in the details
BY DECIDING to stage an auction in order to help establish the price for its shares, Google has caused a stir. The company plans to allow investors to bid for shares in a “Dutch” auction. In such an auction, bids are accepted starting with the highest and moving down until all available shares are sold. All winning bidders then pay the lowest successful bid price.
This article appeared in the Finance & economics section of the print edition under the headline “Cursed”
From the May 8th 2004 edition
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Demographics and geopolitics will make a recovery harder
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American veterans now receive absurdly generous benefits
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Nobody is to blame. Everyone suffers
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Canada and Mexico look likely to suffer