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The role of training in experimental auctions

Author

Listed:
  • Andreas C. Drichoutis

    () (Department of Economics, University of Ioannina)

  • Rodolfo M. Nayga, Jr.

    () (Department of Agricultural Economics & Agribusiness, University of Arkansas)

  • Panagiotis Lazaridis

    () (Department of Agricultural Economics & Rural Development, Agricultural University of Athens)

Abstract

In this paper we examine the role of providing extensive training to subjects in the context of experimental auctions. We conducted an experiment where we auctioned several lotteries with varying payoffs. One group of subjects was extensively trained while another group of subjects was only minimally trained. We find that subjects in the extensive training treatment, were submitting bids significantly higher than subjects in the minimal training treatment, suggesting that subjects without proper training may underreport their WTP.

Suggested Citation

  • Andreas C. Drichoutis & Rodolfo M. Nayga, Jr. & Panagiotis Lazaridis, 2010. "The role of training in experimental auctions," Working Papers 2010-02, Agricultural University of Athens, Department Of Agricultural Economics.
  • Handle: RePEc:aua:wpaper:2010-02
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    Cited by:

    1. Alphonce, Roselyne & Alfnes, Frode, 2015. "Eliciting Consumer WTP for Food Characteristics in a Developing Context: Comparison of four methods in a field experiment," Working Paper Series 01-2015, Norwegian University of Life Sciences, School of Economics and Business.
    2. Corrigan, Jay R. & Rousu, Matthew C., 2011. "Do Practice Rounds Bias Experimental Auction Results?," 2011 Annual Meeting, July 24-26, 2011, Pittsburgh, Pennsylvania 103707, Agricultural and Applied Economics Association.
    3. Briz, Teresa & Drichoutis, Andreas C. & Nayga, Rodolfo M., 2014. "Detecting false positives in experimental auctions: A case study of projection bias in food consumption," MPRA Paper 57101, University Library of Munich, Germany.
    4. Corrigan, Jay R. & Rousu, Matthew C. & Depositario, Dinah Pura T., 2014. "Do practice rounds affect experimental auction results?," Economics Letters, Elsevier, vol. 123(1), pages 42-44.
    5. Levan Elbakidze & Rodolfo M. Nayga Jr. & Hao Li & Chris McIntosh, 2014. "Value elicitation for multiple quantities of a quasi-public good using open ended choice experiments and uniform price auctions," Agricultural Economics, International Association of Agricultural Economists, vol. 45(2), pages 253-265, March.
    6. repec:bla:jageco:v:68:y:2017:i:1:p:123-142 is not listed on IDEAS
    7. Hans D. Steur & Jeroen Buysse & Shuyi Feng & Xavier Gellynck, 2013. "Role of Information on Consumers’ Willingness-to-pay for Genetically-modified Rice with Health Benefits: An Application to China," Asian Economic Journal, East Asian Economic Association, vol. 27(4), pages 391-408, December.
    8. Richard T. Carson & Theodore Groves & John A. List, 2014. "Consequentiality: A Theoretical and Experimental Exploration of a Single Binary Choice," Journal of the Association of Environmental and Resource Economists, University of Chicago Press, vol. 1(1), pages 171-207.
    9. Drichoutis, Andreas & Nayga, Rodolfo & Klonaris, Stathis, 2010. "The Effects of Induced Mood on Preference Reversals and Bidding Behavior in Experimental Auction Valuation," MPRA Paper 25597, University Library of Munich, Germany.

    More about this item

    Keywords

    lottery; training; Vickrey auctions;

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D0 - Microeconomics - - General

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