An increasing subsequence of a permutation a1,a2,…,an of
1,2,…,n is a subsequence b1,b2,…,bk satisfying
b1<b2<⋯<bk, and similarly for decreasing subsequence. The
earliest result in this area is due to Erd\H{o}s and Szekeres in 1935: any
permuation of 1,2,…,pq+1 has an increasing subsequnce of length
p+1 or a decreasing subsequence of length q+1. This result turns out
to be closely connected to the RSK algorithm from the representation
theory of the symmetric group. A lot of work has been devoted to the
length k of the longest increasing subsequence of a permutation
1,2,…,n, beginning with Ulam's question of determining the average
value of this number over all such permutations, and culminating with the
result of Baik-Deift-Johansson on the limiting distribution of this
length. There are many interesting analogues of longest increasing
subsequences, such as longest alternating subsequences, i.e.,
subsequences b1,b2,…,bk of a permutation a1,a2,…,an
satisfying b1>b2<b3>b4<⋯. The limiting distribution of the
length of the longest alternating subsequence of a random permutation
behaves very differently from the length of the longest increasing
subsequence. We will survey these highlights from the theory of
increasing and decreasing subsequences.