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Auction Winners, Bid Price Endogeneity and Customer Preferences for Bison and Beef

Author

Listed:
  • Scott F. Fausti

    (California State University, Monterey Bay)

  • Angel F. Gonzalez

    (California State University, Monterey Bay)

  • Bashir Qasmi

    (South Dakota State University)

  • Keith Underwood

    (South Dakota State University)

Abstract

We conduct a ground beef versus ground bison consumer preference study. A panel of 91 participants were asked first to blindly sample ground 93% lean bison, 80% lean beef, and 93% lean beef, and report their preferences for each meat's qualities, such as, juiciness and tenderness. Participants were then given the option of participating in a multiproduct, second-price auction

Suggested Citation

  • Scott F. Fausti & Angel F. Gonzalez & Bashir Qasmi & Keith Underwood, 2022. "Auction Winners, Bid Price Endogeneity and Customer Preferences for Bison and Beef," Journal of Economic Insight, Missouri Valley Economic Association, vol. 48(2), pages 1-27.
    • Handle: RePEc:mve:journl:v:48:y:2022:i:2:p:1-27
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    More about this item

    JEL classification:

    • C36 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Instrumental Variables (IV) Estimation
    • C57 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Econometrics of Games and Auctions
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions

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