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The role of training in experimental auctions

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Author Info

  • Andreas C. Drichoutis

    ()
    (Department of Economics, University of Ioannina)

  • Rodolfo M. Nayga, Jr.

    ()
    (Department of Agricultural Economics & Agribusiness, University of Arkansas)

  • Panagiotis Lazaridis

    ()
    (Department of Agricultural Economics & Rural Development, Agricultural University of Athens)

Abstract

In this paper we examine the role of providing extensive training to subjects in the context of experimental auctions. We conducted an experiment where we auctioned several lotteries with varying payoffs. One group of subjects was extensively trained while another group of subjects was only minimally trained. We find that subjects in the extensive training treatment, were submitting bids significantly higher than subjects in the minimal training treatment, suggesting that subjects without proper training may underreport their WTP.

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File URL: http://aoatools.aua.gr/RePEc/aua/wpaper/files/2010_2_drichoutis.pdf
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Bibliographic Info

Paper provided by Agricultural University of Athens, Department Of Agricultural Economics in its series Working Papers with number 2010-02.

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Length: 14
Date of creation: 2010
Date of revision:
Handle: RePEc:aua:wpaper:2010-02

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Related research

Keywords: lottery; training; Vickrey auctions;

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Cited by:
  1. Corrigan, Jay R. & Rousu, Matthew C. & Depositario, Dinah Pura T., 2014. "Do practice rounds affect experimental auction results?," Economics Letters, Elsevier, vol. 123(1), pages 42-44.
  2. Drichoutis, Andreas & Nayga, Rodolfo & Klonaris, Stathis, 2010. "The Effects of Induced Mood on Preference Reversals and Bidding Behavior in Experimental Auction Valuation," MPRA Paper 25597, University Library of Munich, Germany.
  3. Corrigan, Jay R. & Rousu, Matthew C., 2011. "Do Practice Rounds Bias Experimental Auction Results?," 2011 Annual Meeting, July 24-26, 2011, Pittsburgh, Pennsylvania 103707, Agricultural and Applied Economics Association.

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