Qu'est-ce que « Uniform-price auction » ?

In a uniform-price auction (single-price auction) noncompetitive bids, for a limited amount, are filled first at whatever the auction’s yield turns out to be; competitive bids, each a yield and an amount, are then accepted from the lowest yield upwards until the offering is filled. The highest accepted yield is the stop-out (high) yield: every winning bidder pays it, and bids exactly at it are filled pro rata.