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A Tale Of Two Premiums- Examining Bids From A Multiple Round Vickrey Auction With Differing Information Sets

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

Abstract

Two definitions of willingness-to-pay derived from a Vickrey auction with multi-product and multiple rounds with different information sets are examined. These definitions are examined in the context of valuing pork products with embedded environmental attributes and we show how information can have adverse effects on a base product of comparison.

Suggested Citation

  • 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).
    • Handle: RePEc:ags:aaea03:22192
    DOI: 10.22004/ag.econ.22192
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    File URL: https://ageconsearch.umn.edu/record/22192/files/sp03hu07.pdf
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    1. 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.
    2. 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.
    3. 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.
    4. 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.
    5. 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.
    6. Lusk,Jayson L. & Shogren,Jason F., 2007. "Experimental Auctions," Cambridge Books, Cambridge University Press, number 9780521671248, December.
    7. Foster, William & Just, Richard E., 1989. "Measuring welfare effects of product contamination with consumer uncertainty," Journal of Environmental Economics and Management, Elsevier, vol. 17(3), pages 266-283, November.
    8. Teisl, Mario F. & Roe, Brian & Hicks, Robert L., 2002. "Can Eco-Labels Tune a Market? Evidence from Dolphin-Safe Labeling," Journal of Environmental Economics and Management, Elsevier, vol. 43(3), pages 339-359, May.
    9. 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).
    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. Andreoni, James, 1990. "Impure Altruism and Donations to Public Goods: A Theory of Warm-Glow Giving?," Economic Journal, Royal Economic Society, vol. 100(401), pages 464-477, June.
    14. 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.
    15. 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.
    16. 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. & 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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