COWLES FOUNDATION FOR RESEARCH IN ECONOMICS
AT YALE UNIVERSITY

Box 208281
New Haven, CT 06520-8281

COWLES FOUNDATION DISCUSSION PAPER NO. 779

"Auction Theory"

Paul R. Milgrom

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?

JEL Classification: 022

Keywords: Auction theory, sealed-bid auctions, ascending-bid auctions