Comparing Open-Ended Choice Experiments and Experimental Auctions: An Application to Golden Rice
We use two experimental valuation methods to estimate consumer demand for genetically modified golden rice. The first is an open-ended choice experiment (OECE) where participants name the quantities of golden rice and conventional rice demanded at each of several price combinations, one of which will be randomly chosen as binding. This allows us to estimate market demand by aggregating demand across participants. This estimate of market demand also allows us to estimate own-price elasticity and consumer surplus for golden rice. Comparing willingness-to-pay (WTP) estimates from the OECE with those from a uniform-price auction, we find that OECE WTP estimates exhibit less affiliation across rounds, and the effects of positive and negative information under the OECE are more consistent with prior expectations and existing studies. We also find that, while auction WTP estimates more than double across five rounds, OECE WTP estimates are stable across rounds and are always roughly equal to those from the final auction round. Copyright 2006, Oxford University Press.
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Volume (Year): 91 (2006)
Issue (Month): 3 ()
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- Alfnes, Frode, 2006.
"Willingness To Pay Versus Expected Consumption Value In Vickrey Auctions For New Experience Goods,"
2006 Annual meeting, July 23-26, Long Beach, CA
21211, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
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"Genetically modified rice adoption : implications for welfare and poverty alleviation,"
Policy Research Working Paper Series
3380, The World Bank.
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- Kym Anderson & Lee Ann Jacskon & Chantal Pohl Nielsen, 2004. "Genetically Modified Rice Adoption: Implications for Welfare and Poverty Alleviation," Centre for International Economic Studies Working Papers 2004-13, University of Adelaide, Centre for International Economic Studies.
- Gro Steine & Kari Kolstad, 2006. "Consumers' Willingness to Pay for the Color of Salmon: A Choice Experiment with Real Economic Incentives," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 88(4), pages 1050-1061.
- Alfnes, Frode & Guttormsen, Atle G. & Steine, Gro & Kolstad, Kari, 2005. "Consumers' Willingness To Pay For The Color Of Salmon:A Choice Experiment With Real Economic Incentives," 2005 Annual meeting, July 24-27, Providence, RI 19126, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
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