A huge array of goods and services are bought and sold at auction and understanding why bidders bid the way they do has become an important area of study. In this interview, Lucas Rentschler describes common-value auctions and how they differ from private-value auctions. He also discusses asymmetric information and how it influences the auction process. Finally, Rentschler outlines some of the findings of his research on asymmetric information in common-value auctions.