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Interpreting Bids From A Vickrey Auction When There Are Public Good Attributes

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  • Hurley, Sean P.
  • Kliebenstein, James B.

Abstract

This paper provides a model that allows for interpreting bids in a Vickrey auction when the good has public good attributes. It also examines information obtained from a Vickrey auction, which collected consumer's willingness-to-pay for pork products that had embedded environmental attributes, and applies the new interpretation to the bids.

Suggested Citation

  • Hurley, Sean P. & Kliebenstein, James B., 2003. "Interpreting Bids From A Vickrey Auction When There Are Public Good Attributes," 2003 Annual meeting, July 27-30, Montreal, Canada 21965, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    • Handle: RePEc:ags:aaea03:21965
    DOI: 10.22004/ag.econ.21965
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    File URL: https://ageconsearch.umn.edu/record/21965/files/sp03hu06.pdf
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    References listed on IDEAS

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    1. McAfee, R Preston & McMillan, John, 1987. "Auctions and Bidding," Journal of Economic Literature, American Economic Association, vol. 25(2), pages 699-738, June.
    2. Roosen, Jutta & Fox, John A. & Hennessy, David A. & Schreiber, Alan, 1998. "Consumers' Valuation Of Insecticide Use Restrictions: An Application To Apples," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 23(2), pages 1-18, December.
    3. Fox, John A. & Hayes, Dermot J. & Kliebenstein, James & Shogren, Jason F., 1994. "Consumer Acceptability of Milk from Cows Treated with Bovine Somatotropin," Staff General Research Papers Archive 702, Iowa State University, Department of Economics.
    4. Hayes, D. J. & Fox, J. A. & Shogren, J. F., 2002. "Experts and activists: how information affects the demand for food irradiation," Food Policy, Elsevier, vol. 27(2), pages 185-193, April.
    5. 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.
    6. Shogren, Jason F. & Margolis, Michael & Koo, Cannon & List, John A., 2001. "A random nth-price auction," Journal of Economic Behavior & Organization, Elsevier, vol. 46(4), pages 409-421, December.
    7. Jason F. Shogren & John A. Fox, 1996. "Consumer Preferences for Fresh Food Items with Multiple Quality Attributes: Evidence from an Experimental Auction of Pork Chops," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 78(4), pages 916-923.
    8. Lusk,Jayson L. & Shogren,Jason F., 2007. "Experimental Auctions," Cambridge Books, Cambridge University Press, number 9780521671248, December.
    9. 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.
    10. J.F. Shogren & T.M. Hurley, 1999. "Experiments in Environmental Economics," Chapters, in: Jeroen C.J.M. van den Bergh (ed.),Handbook of Environmental and Resource Economics, chapter 76, Edward Elgar Publishing.
    11. Bryan E. Melton & Wallace E. Huffman & Jason F. Shogren, 1996. "Economic Values of Pork Attributes: Hedonic Price Analysis of Experimental Auction Data," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 18(4), pages 613-627.
    12. Andreoni, James, 1988. "Privately provided public goods in a large economy: The limits of altruism," Journal of Public Economics, Elsevier, vol. 35(1), pages 57-73, February.
    13. Jason F. Shogren & Dermot J. Hayes & James B. Kliebenstein & John A. Fox, 1994. "Bid Sensitivity and the Structure of the Vickrey Auction," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 76(5), pages 1089-1095.
    14. 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.
    15. Karni, Edi & Safra, Zvi, 1986. "Vickrey auctions in the theory of expected utility with rank-dependent probabilities," Economics Letters, Elsevier, vol. 20(1), pages 15-18.
    16. Edi Karni & Zvi Safra, 1989. "Dynamic Consistency, Revelations in Auctions and the Structure of Preferences," Review of Economic Studies, Oxford University Press, vol. 56(3), pages 421-433.
    17. Fox, John A. & Hayes, Dermot J. & Shogren, Jason F. & Kliebenstein, James B., 1996. "Experimental Methods In Consumer Preference Studies," Journal of Food Distribution Research, Food Distribution Research Society, vol. 27(2), pages 1-7, July.
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    Cited by:

    1. Hurley, Sean P. & Kliebenstein, James B., 2003. "A Tale Of Two Premiums- Examining Bids From A Multiple Round Vickrey Auction With Differing Information Sets," 2003 Annual meeting, July 27-30, Montreal, Canada 22192, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    2. Hurley, Sean P. & Miller, Douglas J. & Kliebenstein, James B., 2004. "Estimating Willingness-To-Pay Using A Polychotomous Choice Function: An Application To Pork Products With Environmental Attributes," 2004 Annual meeting, August 1-4, Denver, CO 19924, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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    Keywords

    Consumer/Household Economics;

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