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Preference Learning in Consecutive Experimental Auctions

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Author Info
 Shogren, Jason F
List, John A
Hayes, Dermot J

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Abstract

This paper explores the origins of the strikingly high price premia paid for new food products in lab valuation exercises. Our experimental design distinguishes between two explanations of this phenomenon: novelty of the experimental experience versus the novelty of the good, i.e., preference learning--bids reflect a person's desire to learn how an unfamiliar good fits into their preference set. Subjects bid in four consecutive experimental auctions for three goods that vary in familiarity, candy bars, mangos, and irradiated meat. Our results suggest that preference learning is the main source of the high premia, and that novelty of the experimental experience does not in itself artificially inflate valuations. Copyright 2000 by American Agricultural Economics Association

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Article provided by American Agricultural Economics Association in its journal American Journal of Agricultural Economics.

Volume (Year): 82 (2000)
Issue (Month): 4 (November)
Pages: 1016-21
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Handle: RePEc:bla:ajagec:v:82:y:2000:i:4:p:1016-21

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  1. Alfnes, Frode, 2006. "Willingness To Pay Versus Expected Consumption Value In Vickrey Auctions For New Experience Goods," 2006 Annual meeting, July 23-26, Long Beach, CA 21211, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  2. Huffman, Wallace E. & Shogren, Jason F. & Rousu, Matthew & Tegene, Abebayehu, 2003. "Consumer Willingness to Pay for Genetically Modified Food Labels in a Market with Diverse Information: Evidence from Experimental Auctions," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 28(03), December. [Downloadable!]
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  3. Rolfe, John & Windle, Jill, 2006. "Using Field Experiments to Explore the Use of Multiple Bidding Rounds in Conservation Auctions," Discussion Papers 25801, International Association of Agricultural Economists. [Downloadable!]
  4. Jay R. Corrigan, 2005. "Is the Experimental Auction a Dynamic Market?," Working Papers 0501, Kenyon College, Department of Economics. [Downloadable!]
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  5. Chern, Wen & Kaneko, Naoya & Tarakcioglu, Gulay Babadogan, 2003. "Willingness to Pay for PEF-processed Orange Juice: Evidence from an Auction Experiment," 2003 Annual meeting, July 27-30, Montreal, Canada 21897, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  6. Corrigan, Jay R., 2006. "The Reverse Auction: A New Approach to Experimental Auction Valuation," 2006 Annual meeting, July 23-26, Long Beach, CA 21449, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  7. Jay R. Corrigan & Matthew C. Rousu, 2006. "Posted Prices and Bid Affiliation: Evidence from Experimental Auctions," Working Papers 0602, Kenyon College, Department of Economics. [Downloadable!]
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  8. Alfnes, Frode & Rickertsen, Kyrre & Ueland, Oydis, 2005. "Experimental Evidence of Risk Aversion in Consumer Markets: The Case of Beef Tenderness," 2005 Annual meeting, July 24-27, Providence, RI 19285, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
    Other versions:
  9. Jay R. Corrigan & Matthew C. Rousu, 2006. "The Effect of Initial Endowments in Experimental Auctions," Working Papers 0601, Kenyon College, Department of Economics. [Downloadable!]
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  10. Ward, Ruby & Bailey, Deevon & Jensen, Robert, 2005. "An American BSE Crisis: Has it affected the Value of Traceability and Country-of-Origin Certifications for US and Canadian Beef?," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association (IAMA), vol. 8(02). [Downloadable!]
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  11. J.L. Lusk & T. Feldkamp & T.C. Schroeder, 2004. "Experimental Auction Procedure: Impact on Valuation of Quality Differentiated Goods," Artefactual Field Experiments 0069, The Field Experiments Website. [Downloadable!]
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  12. Lusk, Jayson, 2002. "Effects Of Cheap Talk On Consumer Willingness-To-Pay For Golden Rice," 2002 Annual meeting, July 28-31, Long Beach, CA 19597, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
    Other versions:
  13. Dickinson, David L. & Bailey, DeeVon, 2005. "Experimental Evidence on Willingness to Pay for Red Meat Traceability in the United States, Canada, the United Kingdom, and Japan," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 37(03), December. [Downloadable!]
  14. Lusk, Jayson L. & Daniel, M. Scott & Mark, Darrell R. & Lusk, Christine L., 2001. "Alternative Calibration And Auction Institutions For Predicting Consumer Willingess To Pay For Nongenetically Modified Corn Chips," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 26(01), July. [Downloadable!]
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  15. Rousu, Matthew C. & Monchuk, Daniel C. & Shogren, Jason F. & Kosa, Katherine M., 2005. "Consumer Willingness to Pay for "Second-Generation" Genetically Engineered Products and the Role of Marketing Information," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 37(03), December. [Downloadable!]
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