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Bid Sensitivity in the Structure of the Vickrey Auction

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Author Info
Shogren, J. F.
Fox, J. A.
Hayes, Dermot
Kliebenstein, James

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Abstract

A research study explored a version of economist W. Vickrey's second-price, sealed-bid auction used for the valuation of nonmarket goods. The sensitivity of revealed values generated by this variation were examined. A standard second-price auction with repeated market trials was compared to a random nth-price auction and a combinatorial private-collection auction with sequentially-revealed values. Results showed the consistency of revealed values in a low probability risk scenario.

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Publisher Info
Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 10616.

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Date of creation: 19 Jun 2003
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Publication status: Published in American Journal of Agricultural Economics, December 1994, Vol. 76, No. 5, pp. 1089-1095.
Handle: RePEc:isu:genres:10616

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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
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  1. Feuz, Dillon M. & Umberger, Wendy J. & Calkins, Chris R. & Sitz, Bethany, 2004. "U.S. Consumers' Willingness to Pay for Flavor and Tenderness in Steaks as Determined with an Experimental Auction," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 29(03), December. [Downloadable!]
  2. 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!]
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  3. 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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  4. Dickinson, David L. & Bailey, Deevon, 2002. "Meat Traceability: Are U. S. Consumers Willing To Pay For It?," 2002 Annual meeting, July 28-31, Long Beach, CA 19670, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
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  5. C. Mónica Capra & Shireen Meer & Kelli Lanier, 2006. "The Effects of Induced Mood on Bidding in Random N-th Price Auctions," Emory Economics 0607, Department of Economics, Emory University (Atlanta). [Downloadable!]
  6. Hurley, Sean P. & Kliebenstein, James B., 2003. "Interpreting Bids From A Vickrey Auction When There Are Public Good Attributes," 2003 Annual meeting, July 27-30, Montreal, Canada 21965, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  7. Silva, Andres & Nayga, Rodolfo M., Jr. & Campbell, Ben L. & Park, John, 2007. "On the Use of Valuation Mechanisms to Measure Consumers' Willingness to Pay for Novel Products: A Comparison of Hypothetical and Non-Hypothetical Values," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association (IAMA), vol. 10(02). [Downloadable!]
  8. Sterns, James & House, Lisa & VanSickle, John & Wysocki, Allen, 2004. "COOL and Consumers' Willingness to Pay in the Fresh Produce Industry - Some Initial Impressions from the Field," Working Papers 15644, University of Florida, International Agricultural Trade and Policy Center. [Downloadable!]
  9. Hurley, Sean P. & Kliebenstein, James B., 2005. "An Examination of Additively Separable Willingness-To-Pay for Environmental Attributes: Evidence from a Pork Experiment," 2005 Annual meeting, July 24-27, Providence, RI 19370, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  10. Hurley, Sean P. & Kliebenstein, James B., 1999. "The Potential For Marketing Pork Products With Embedded Environmental Attributes: Results From An Experimental Study," 1999 Annual meeting, August 8-11, Nashville, TN 21598, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  11. 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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  12. Menkhaus, Dale J., 2001. "Experimental Auctions: New Theoretical Developments And Empirical Findings - Discussion," 2001 Annual Meeting, July 8-11, 2001, Logan, Utah 36112, Western Agricultural Economics Association. [Downloadable!]
  13. Marcellino, Dana M. & Wilson, Christine A., 2006. "Valuing Farm Financial Information," 2006 Annual meeting, July 23-26, Long Beach, CA 21243, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  14. Hurley, Sean P. & Kliebenstein, James B., 2003. "A Tale Of Two Premiums◠Examining Bids From A Multiple Round Vickrey Auction With Differing Information Sets," 2003 Annual meeting, July 27-30, Montreal, Canada 22192, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
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