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Testing Whether Field Auction Experiments Are Demand Revealing in Practice

  • Corrigan, Jay R.
  • Rousu, Matthew C.

Recent evidence suggests that participants' misunderstanding of experimental auction mechanism can systematically bias auction results. We present a simple technique for testing whether field auction mechanism and, by extension, whether auction bids provide an unbiased estimate of participants' willingness to pay.

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File URL: http://purl.umn.edu/42464
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Article provided by Western Agricultural Economics Association in its journal Journal of Agricultural and Resource Economics.

Volume (Year): 33 (2008)
Issue (Month): 2 (August)
Pages:

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Handle: RePEc:ags:jlaare:42464
Contact details of provider: Web page: http://waeaonline.org/

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  1. Steven Levitt & John List, 2007. "What do Laboratory Experiments Measuring Social Preferences Reveal About the Real World," Artefactual Field Experiments 00480, The Field Experiments Website.
  2. Jayson L. Lusk & John A. Fox & Ted C. Schroeder & James Mintert & Mohammad Koohmaraie, 2001. "In-Store Valuation of Steak Tenderness," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 83(3), pages 539-550.
  3. Jay R. Corrigan, 2005. "Is the Experimental Auction a Dynamic Market?," Working Papers 0501, Kenyon College, Department of Economics.
  4. repec:feb:artefa:0069 is not listed on IDEAS
  5. John List & Michael Margolis & Jason Shogren, 1998. "Hypothetical-actual bid calibration of a multigood auction," Natural Field Experiments 00532, The Field Experiments Website.
  6. John A. Fox & Jason F. Shogren & Dermot J. Hayes & James B. Kliebenstein, 1998. "CVM-X: Calibrating Contingent Values with Experimental Auction Markets," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 80(3), pages 455-465.
  7. Ty Feldkamp & Ted C. Schroeder, 2004. "Experimental Auction Procedure: Impact on Valuation of Quality Differentiated Goods," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 86(2), pages 389-405.
  8. Todd L. Cherry & Peter Frykblom & John List & Jason Shogren & Melonie Williams, 2002. "Laboratory Testbeds and Nonmarket Valuation: The Case of Bidding Behavior in a Second Price Auction with an Outside Option," Working Papers 02-13, Department of Economics, Appalachian State University.
  9. Matthew C. Rousu & Jay R. Corrigan, 2008. "Consumer Preferences for Fair Trade Foods: Implications for Trade Policy," Working Papers 0803, Kenyon College, Department of Economics.
  10. John List & Craig Gallet, 2001. "What Experimental Protocol Influence Disparities Between Actual and Hypothetical Stated Values?," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 20(3), pages 241-254, November.
  11. repec:feb:framed:0058 is not listed on IDEAS
  12. John List, 2002. "Preference Reversals of a Different Kind: The 'More is Less' Phenomenon," Framed Field Experiments 00509, The Field Experiments Website.
  13. Sungwon Cho & Cannon Koo & John List & Changwon Park & Pablo Polo & Jason Shogren & Robert Wilhelmi, 2001. "Auction mechanisms and the measurement of WTP and WTA," Natural Field Experiments 00516, The Field Experiments Website.
  14. John List & David Lucking-Reiley, 2000. "Demand Reduction in Multiunit Auctions: Evidence from a Sportscard Field Experiment," Natural Field Experiments 00520, The Field Experiments Website.
  15. List John A. & Sinha Paramita & Taylor Michael H., 2006. "Using Choice Experiments to Value Non-Market Goods and Services: Evidence from Field Experiments," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 5(2), pages 1-39, January.
  16. List, John A & Shogren, Jason F, 1998. "The Deadweight Loss of Christmas: Comment," American Economic Review, American Economic Association, vol. 88(5), pages 1350-55, December.
  17. Harrison, Glen W. & Ronald M. Harstad & E. Elisabet Rutström, 1995. "Experimental Methods and Elicitation of Values," Discussion Paper Serie B 349, University of Bonn, Germany.
  18. repec:feb:framed:0068 is not listed on IDEAS
  19. Lusk, Jayson L. & Hudson, Darren, 2004. "Effect of monitor-subject cheap talk on ultimatum game offers," Journal of Economic Behavior & Organization, Elsevier, vol. 54(3), pages 439-443, July.
  20. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680, December.
  21. repec:feb:framed:0052 is not listed on IDEAS
  22. Kahneman, Daniel & Knetsch, Jack L & Thaler, Richard H, 1990. "Experimental Tests of the Endowment Effect and the Coase Theorem," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1325-48, December.
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