Discussion Paper Auction Theory Abstract This paper discusses two central questions: Why do auction institutions continue to be so popular after thousands of years? and What accounts for particular details, like the popularity of sealed bid and ascending-bid auctions? JEL Classification: 022 Keywords: Auction theory, Sealed-bid auctions, Ascending-bid auctions DocumentControlNumber(s) CFDP 779 Author(s) Paul R. Milgrom Page Count 53 Publication Date November 1985 JELClassificationCodes 022