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We apply two structural econometric models, the non-parametric model of Hortacsu (2002), and the semi-parametric model of Fevrier, Preget & Visser (2002), to Polish treasury-bill auction data. Our paper has three main aims: firstly, to compare the performance of discriminatory and uniform-price auctions in Poland, and secondly, to evaluate the mutual (in)consistencies of predictions from the two models. The third contribution is that we take data from top-up auctions seriously: in the Hortacsu model, we outline how such data can be used to check consistency on estimated valuation functions. We conclude that both models favour the discriminatory auction over uniform-price.