Publication Date: November 1985
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?
Auction theory, Sealed-bid auctions, Ascending-bid auctions
JEL Classification Codes: 022
Published in Truman Bewley, ed., Advances in Economic Theory: Fifth World Congress, Cambridge University Press, 1987, pp. 1-32