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Calibration of the difference between actual and hypothetical valuations in a field experiment

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Listed author(s):
  • List, John A.
  • Shogren, Jason F.

Abstract

We design and implement a field experiment to elicit and calibrate in-sample hypothetical and actual bids given the presence of other goods and intensity of market experience. Using market goods that possess characteristics beyond the norm but yet remain deliverable, bidding behavior was consistent with theory. But we also observe the average calibration factor for hypothetical bids in the auction with other goods to be more severe (0.3) than for the auction without the goods (0.4). The results support the view that the calibration of hypothetical and actual bidding is good- and context-specific.

(This abstract was borrowed from another version of this item.)

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File URL: http://www.sciencedirect.com/science/article/pii/S0167-2681(98)00084-5
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Article provided by Elsevier in its journal Journal of Economic Behavior & Organization.

Volume (Year): 37 (1998)
Issue (Month): 2 (October)
Pages: 193-205

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Handle: RePEc:eee:jeborg:v:37:y:1998:i:2:p:193-205
Contact details of provider: Web page: http://www.elsevier.com/locate/jebo

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  12. 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.
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  20. Cummings, Ronald G & Harrison, Glenn W & Rutstrom, E Elisabet, 1995. "Homegrown Values and Hypothetical Surveys: Is the Dichotomous Choice Approach Incentive-Compatible?," American Economic Review, American Economic Association, vol. 85(1), pages 260-266, March.
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