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?
|Date of creation:||Nov 1985|
|Date of revision:|
|Publication status:||Published in Truman Bewley (ed.), Advances in Economic Theory: Fifth World Congress, Cambridge University Press, 1987, pp. 1-32|
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