Up until the 1990s, the US Treasury has auctioned off its debt instruments of Treasury bills and notes using a discriminatory format. Under this procedure, the supply of securities would be auctioned off in lots at different prices until the available supply was purchased. That is, bidders submit bids indicating both the price they will pay and how many securities they wish to buy at that price. In response, the Treasury fills the demand of the highest priced bidder first. It then moves on to the demand of the second-highest bidder, and so on until all the supply of Treasury securities is sold. However, in the 1990s the Treasury moved to a uniform price auction in which roughly the above procedure was followed except that now, all bidders paid the same price—namely the lowest price at which the supply cleared. Why might the uniform price auction have encouraged more bidders to participate in Treasury auctions?