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Alternative Calibration And Auction Institutions For Predicting Consumer Willingess To Pay For Nongenetically Modified Corn Chips

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Author Info
Lusk, Jayson L.
Daniel, M. Scott
Mark, Darrell R.
Lusk, Christine L.

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Abstract

This study explores two important issues in experimental economics: calibration and auction institution. Consumer willingness-to-pay bids for corn chips made with non-genetically modified ingredients are elicited in first- and second-price auctions. Results suggest that responses to scale-differential questions, elicited in a survey, accurately predicted consumer willingness-to-pay bids. While the second-price auction induced a greater percentage of marginal bidders to offer a positive bid compared to the first-price auction, average bid levels in the first- and second-price auctions were not statistically different from one other. In a small and unrepresentative sample, 70% of student participants were unwilling to pay to exchange a bag of chips made from genetically modified ingredients for a bag of chips made from nongenetically modified ingredients. However, 20% of respondents were willing to pay at least $0.25/oz. for the exchange.

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Publisher Info
Article provided by Western Agricultural Economics Association in its journal Journal of Agricultural and Resource Economics.

Volume (Year): 26 (2001)
Issue (Month): 01 (July)
Pages:
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Handle: RePEc:ags:jlaare:31160

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Related research
Keywords: Consumer/Household Economics;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Shogren, Jason & List, John & Hayes, Dermot, 2002. "Preference Learning in Consecutive Experimental Auctions," Staff General Research Papers 5023, Iowa State University, Department of Economics.
    Other versions:
  2. Roosen, Jutta & Fox, John A. & Hennessy, David A. & Schreiber, Alan, 1998. "Consumers' Valuation Of Insecticide Use Restrictions: An Application To Apples," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 23(02), December. [Downloadable!]
  3. Shogren, Jason & Fox, John & Hayes, Dermot & Roosen, Jutta, 2002. "Observed Choices For Food Safety in Retail, Survey and Auction Markets," Staff General Research Papers 5024, Iowa State University, Department of Economics.
  4. Shogren, Jason F. & Seung Y. Shin & Dermot J. Hayes & James B. Kliebenstein, 1994. "Resolving Differences in Willingness to Pay and Willingness to Accept," American Economic Review, American Economic Association, vol. 84(1), pages 255-70, March.
  5. Buzby, Jean C. & Fox, John A. & Ready, Richard C. & Crutchfield, Stephen R., 1998. "Measuring Consumer Benefits Of Food Safety Risk Reductions," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 30(01), July. [Downloadable!]
  6. Fox, J. & Shogren, J. & Hayes, Dermot J. & Kliebenstein, James, 2004. "CVM-X: Calibrating Contingent Values with Experimental Auction Markets," Staff General Research Papers 11935, Iowa State University, Department of Economics.
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  7. Shogren, Jason F. & Cho, Sungwon & Koo, Cannon & List, John & Park, Changwon & Polo, Pablo & Wilhelmi, Robert, 2001. "Auction mechanisms and the measurement of WTP and WTA," Resource and Energy Economics, Elsevier, vol. 23(2), pages 97-109, April. [Downloadable!] (restricted)
  8. J.L. Lusk & J.A. Fox & T.C. Schroeder & J. Mintert & M. Koohmaraie, 2001. "In-Store Valuation of Steak Tenderness," Framed Field Experiments 0058, The Field Experiments Website.
  9. David Lucking-Reiley, 1999. "Using field experiments to test equivalence between auction formats: Magic On the Internet," Framed Field Experiments 0055, The Field Experiments Website. [Downloadable!]
  10. Karen Blumenschein & Magnus Johannesson & Glenn C. Blomquist & Bengt Liljas & Richard M. O’Conor, 1998. "Experimental Results on Expressed Certainty and Hypothetical Bias in Contingent Valuation," Southern Economic Journal, Southern Economic Association, vol. 65(1), pages 169-177, July.
  11. Cox, James C & Smith, Vernon L & Walker, James M, 1988. " Theory and Individual Behavior of First-Price Auctions," Journal of Risk and Uncertainty, Springer, vol. 1(1), pages 61-99, March.
  12. Shogren, J. F. & Fox, J. A. & Hayes, Dermot & Kliebenstein, James, 2003. "Bid Sensitivity in the Structure of the Vickrey Auction," Staff General Research Papers 10616, Iowa State University, Department of Economics.
  13. Kagel, John H & Harstad, Ronald M & Levin, Dan, 1987. "Information Impact and Allocation Rules in Auctions with Affiliated Private Values: A Laboratory Study," Econometrica, Econometric Society, vol. 55(6), pages 1275-1304, November. [Downloadable!] (restricted)
  14. Cragg, John G, 1971. "Some Statistical Models for Limited Dependent Variables with Application to the Demand for Durable Goods," Econometrica, Econometric Society, vol. 39(5), pages 829-44, September. [Downloadable!] (restricted)
  15. Hayes, Dermot J. & Shogren, Jason F. & Shin, Seung Youll & Kliebenstein, James B., 1995. "Valuing Food Safety in Experimental Auction Markets," Staff General Research Papers 835, Iowa State University, Department of Economics.
  16. David Lucking-Reiley, 1999. "Using Field Experiments to Test Equivalence between Auction Formats: Magic on the Internet," American Economic Review, American Economic Association, vol. 89(5), pages 1063-1080, December. [Downloadable!] (restricted)
  17. Milgrom, Paul R & Weber, Robert J, 1982. "A Theory of Auctions and Competitive Bidding," Econometrica, Econometric Society, vol. 50(5), pages 1089-1122, September. [Downloadable!] (restricted)
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  18. Horowitz, John K. & McConnell, K. E., 2000. "Values elicited from open-ended real experiments," Journal of Economic Behavior & Organization, Elsevier, vol. 41(3), pages 221-237, March. [Downloadable!] (restricted)
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