Uniform price auctions in the US Treasury experiment show higher risk but also higher returns compared to discriminatory price auctions. This is because bidders in uniform auctions submit multiple bids at various prices, leading to more revenue variability. However, in markets with information asymmetry like initial public offerings, revenues are likely similar in both auction formats. In Japan, winner's curse increases underpricing and steepens demand curves in discriminatory auctions, while in Israel, uniform auctions do not show the same effect.