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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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    References listed on IDEAS

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    8. Lusk,Jayson L. & Shogren,Jason F., 2007. "Experimental Auctions," Cambridge Books, Cambridge University Press, number 9780521671248.
    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. 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.
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    1. 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).
    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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