Chapter 11 - Money Market Instruments
171 The caption for Table 11-1 should read
Table 11-1: Sample bid on a 364 day Treasury Auction
172 The caption for Table 11-3 should read
Table 11-3: Bid level results on 364 day T-Bill Auction
172 Table 11-4: Comparison of Single Price and Multiple Price Auctions on the Sample Bid

Auction Results for Investments Unlimited

Bid Results: Multiple Price Auction Results: Single Price Auction
QuantityRate QuantityRatePrice per Million QuantityRatePrice per Million
$1m  $1m2.590$973,812.22 $1m2.590$973,812.22
$10m  $10m2.560$974,115.56 $10m
$4.5m  $4.5m2.620$973,508.89 $4.5m
Total bid: $31m $15.5m$15,095,757,825,000.
$973,919.86 per million
$973,812.22 per million

The auction is calculated up to the stop bid. The total revenue generated on the auction under the multiple price procedurte is then divided by the successfull bids so that every successful bidder gets the same average price. The Treasury gets the same revenue under each procedure, as calculated from a given set of bids, but the given set of bids will change based on the incentives that are built in to the system.