Consistency of Consumer Valuation Under Different Information Sets: An Experimental Auction with Sweet Potatoes
We used a controlled, uniform 5th-price auction to elicit values for sweet potatoesâ€”both when location is known and unknown, and before and after tasting and providing health information. Significant differences were found between pre- and post-consumption valuations and also found that there were significant effects for location of origin and health information. Interestingly, we also find that location of origin not only affects the level of bids, but also the marginal differences in bids between different potatoes. Overall, however, these results suggest little consistency in bid values across information sets, suggesting that attempting to elicit values of attributes in isolation may lead to erroneous results.
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