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A major effort is taking place in many parts of the world to establish market-oriented institutions, a development that is particularly evident in the context of the transforming economies in Eastern Europe and the republics of the former Soviet Union. Against this background, this paper assesses various auction techniques to price and allocate government securities, refinance credit, foreign exchange, and state assets in the context of privatization programs. Before making our recommendations on the appropriate format for auctioning these items, the paper explains basic auction formats and assesses the advantages and disadvantages of these formats drawing on the existing, and mostly theoretical, literature.

Auctions --- Comparative Economic Systems: General --- Credit --- Currency --- Financial institutions --- Financial instruments --- Foreign Exchange --- Foreign exchange --- Game Theory and Bargaining Theory: General --- General Financial Markets: General (includes Measurement and Data) --- Government securities --- Industry Studies --- Institutional arrangements for revenue administration --- Investment & securities --- Investments: General --- Market Structure and Pricing: General --- Monetary economics --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Money and Monetary Policy --- Money --- Population --- Public finance & taxation --- Public Finance --- Revenue administration --- Revenue --- Securities --- Socialist Systems and Transitional Economies: Factor and Product Markets --- Socialist Systems and Transitional Economies: Planning, Coordination, and Reform --- Taxation, Subsidies, and Revenue: General --- Welfare Economics: General --- United States