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Experimental Markets and Environmental Policy

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  • Shogren, Jason F.

Abstract

Experimental markets can be a useful tool to guide and evaluate environmental policy. This paper reviews four experiments to illustrate. Two institutional experiments are considered-Coasian bargaining with positive transaction costs, and a gaming experiment of dynamic choice in a conflict. Two valuation experiments are also discussed-the impact of sequential reduction mechanisms on the value of risk, and experimental auction markets to elicit the value of safer food.
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  • Shogren, Jason F., 1993. "Experimental Markets and Environmental Policy," Agricultural and Resource Economics Review, Cambridge University Press, vol. 22(02), pages 117-129, October.
    • Handle: RePEc:cup:agrerw:v:22:y:1993:i:02:p:117-129_00
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    1. Shogren, Jason F. & Seung Y. Shin & Dermot J. Hayes & James B. Kliebenstein, 1994. "Resolving Differences in Willingness to Pay and Willingness to Accept," American Economic Review, American Economic Association, vol. 84(1), pages 255-270, March.
    2. Shogren, Jason F, 1990. "The Impact of Self-protection and Self-insurance on Individual Response to Risk," Journal of Risk and Uncertainty, Springer, vol. 3(2), pages 191-204, June.
    3. Dermot J. Hayes & Jason F. Shogren & Seung Youll Shin & James B. Kliebenstein, 1995. "Valuing Food Safety in Experimental Auction Markets," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 77(1), pages 40-53.
    4. Shogren, Jason F. & Crocker, Thomas D., 1991. "Risk, self-protection, and ex ante economic value," Journal of Environmental Economics and Management, Elsevier, vol. 20(1), pages 1-15, January.
    5. Machina, Mark J, 1982. ""Expected Utility" Analysis without the Independence Axiom," Econometrica, Econometric Society, vol. 50(2), pages 277-323, March.
    6. Roth, Alvin E, 1991. "Game Theory as a Part of Empirical Economics," Economic Journal, Royal Economic Society, vol. 101(404), pages 107-114, January.
    7. Shogren, Jason F. & Nowell, Clifford, 1992. "Economics and ecology: a comparison of experimental methodologies and philosophies," Ecological Economics, Elsevier, vol. 5(2), pages 101-126, May.
    8. Brookshire, David S & Coursey, Don L, 1987. "Measuring the Value of a Public Good: An Empirical Comparison of Elicitation Procedures," American Economic Review, American Economic Association, vol. 77(4), pages 554-566, September.
    9. Baik, Kyung H & Shogren, Jason F, 1992. "Strategic Behavior in Contests: Comment," American Economic Review, American Economic Association, vol. 82(1), pages 359-362, March.
    10. Lusk,Jayson L. & Shogren,Jason F., 2007. "Experimental Auctions," Cambridge Books, Cambridge University Press, number 9780521671248.
    11. Ehrlich, Isaac & Becker, Gary S, 1972. "Market Insurance, Self-Insurance, and Self-Protection," Journal of Political Economy, University of Chicago Press, vol. 80(4), pages 623-648, July-Aug..
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    Cited by:

    1. Messer, Kent D. & Murphy, James J., 2010. "FOREWORD: Special Issue on Experimental Methods in Environmental, Natural Resource, and Agricultural Economics," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 39(2), April.
    2. Buzby, Jean C. & Roberts, Tanya & Lin, Chung-Tung Jordan & MacDonald, James M., 1996. "Bacterial Foodborne Disease: Medical Costs and Productivity Losses," Agricultural Economics Reports 33991, United States Department of Agriculture, Economic Research Service.
    3. Shogren, Jason F., 2006. "Experimental Methods and Valuation," Handbook of Environmental Economics,in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 2, chapter 19, pages 969-1027 Elsevier.
    4. Spencer, Michael A. & Swallow, Stephen K. & Miller, Christopher J., 1998. "Valuing Water Quality Monitoring: A Contingent Valuation Experiment Involving Hypothetical and Real Payments," Agricultural and Resource Economics Review, Cambridge University Press, vol. 27(01), pages 28-42, April.
    5. Anne Rozan & Anne Stenger & Marc Willinger, 2004. "Willingness-to-pay for food safety: An experimental investigation of quality certification on bidding behaviour," Framed Field Experiments 00197, The Field Experiments Website.
    6. B. Douglas Bernheim & Daniel Bjorkegren & Jeffrey Naecker & Antonio Rangel, 2013. "Non-Choice Evaluations Predict Behavioral Responses to Changes in Economic Conditions," NBER Working Papers 19269, National Bureau of Economic Research, Inc.
    7. Bohm, Peter, 2003. "Experimental evaluations of policy instruments," Handbook of Environmental Economics,in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 1, chapter 10, pages 437-460 Elsevier.
    8. Fox, John A. & Buhr, Brian L. & Shogren, Jason F. & Kliebenstein, James B. & Hayes, Dermot J., 1995. "A Comparison of Preferences for Pork Sandwiches Produced from Animals With and Without Somatotropin Administration," ISU General Staff Papers 199504010800001009, Iowa State University, Department of Economics.
    9. Alec Smith & B. Douglas Bernheim & Colin F. Camerer & Antonio Rangel, 2014. "Neural Activity Reveals Preferences without Choices," American Economic Journal: Microeconomics, American Economic Association, vol. 6(2), pages 1-36, May.
    10. Johnston, Robert J. & Swallow, Stephen K. & Weaver, Thomas F., 1999. "Estimating Willingness to Pay and Resource Tradeoffs with Different Payment Mechanisms: An Evaluation of a Funding Guarantee for Watershed Management," Journal of Environmental Economics and Management, Elsevier, vol. 38(1), pages 97-120, July.
    11. Bohara, Alok K. & McKee, Michael & Berrens, Robert P. & Jenkins-Smith, Hank & Silva, Carol L. & Brookshire, David S., 1998. "Effects of Total Cost and Group-Size Information on Willingness to Pay Responses: Open Ended vs. Dichotomous Choice," Journal of Environmental Economics and Management, Elsevier, vol. 35(2), pages 142-163, March.
    12. Eva Camacho-Cuena & Aurora García-Gallego & Nikolaos Georgantzís & Gerardo Sabater-Grande, 2004. "An Experimental Validation of Hypothetical WTP for a Recyclable Product," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 27(3), pages 313-335, March.
    13. Combris, Pierre & Pinto, Alexandra Seabra & Fragata, Antonio & Giraud-Heraud, Eric, 2007. "Does taste beat food safety? Evidence from the Pera Rocha case in Portugal," 105th Seminar, March 8-10, 2007, Bologna, Italy 7879, European Association of Agricultural Economists.
    14. Fox, John Andrew, 1994. "Essays in the measurement of consumer preferences in experimental auction markets," ISU General Staff Papers 1994010108000012254, Iowa State University, Department of Economics.

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