Posted prices and bid affiliation: Evidence from experimental auctions

American Journal of Agricultural Economics

Volumn 88, Issue 4, 2006, Pages 1078-1090

  Corrigan, Jay R ^a   Rousu, Matthew C ^b  

^a KENYON COLLEGE   (United States)

^b SUSQUEHANNA UNIVERSITY   (United States)

Author keywords

Affiliation; Experimental auctions; Posted prices

Indexed keywords

CONSUMPTION BEHAVIOR; EXPERIMENTAL STUDY; PRICE DETERMINATION; PRICE DYNAMICS;

EID: 33750087526     PISSN: 00029092     EISSN: 14678276     Source Type: Journal    
DOI: 10.1111/j.1467-8276.2006.00917.x     Document Type: Article

References (40)

1. Abbink, K., J. Brandts, and T. McDaniel. 2003. "Asymmetric Demand Information in Uniform and Discriminatory Call Auctions: An Experimental Analysis Motivated by Electricity Markets." Journal of Regulatory Economics 23: 125-44.
2. Alfnes, F., and K. Rickertsen. 2003. "European Consumers' Willingness to Pay for U.S. Beef in Experimental Auction Markets." American Journal of Agricultural Economics 85: 396-405.
3. Buhr, B., D. Hayes, J. Shogren, and J. Kliebenstein. 1993. "Valuing Ambiguity: The Case of Genetically Engineered Growth Enhancers." Journal of Agricultural and Resource Economics 18: 175-84.
4. Corrigan, J., and M. Rousu. 2006a. "The Effect of Initial Endowments in Experimental Auctions." American Journal of Agricultural Economics 88: 448-57.
5. Corrigan, J., and M. Rousu. 2006b. "AJAE Appendix: Posted Prices and Bid Affiliation: Evidence from Experimental Auctions." Unpublished manuscript. Available at: http://agecon.lib.umn.edu/.
6. Cummings, R., and L. Taylor. 1999. "Unbiased Value Estimates for Environmental Goods: A Cheap Talk Design for the Contingent Valuation Method." American Economic Review 89: 649-65.
7. Dickinson, D., and D. Bailey. 2002. "Meat Traceability: Are U.S. Consumers Willing to Pay for It?" Journal of Agricultural and Resource Economics 27: 348-64.
8. Fox, J. 1995. "Determinants of Consumer Acceptability of Bovine Somatotropin." Review of Agricultural Economics 17: 51-62.
9. Fox, J., B. Buhr, J. Shogren, J. Kliebenstein, and D. Hayes. 1995. "A Comparison of Preferences for Pork Sandwiches Produced from Animals with and without Somatotropin Administration." Journal of Animal Science 73: 1048-54.
10. Fox, J., D. Hayes, J. Kliebenstein, and J. Shogren. 1994. "Consumer Acceptability of Milk from Cows Treated with Bovine Somatotropin." Journal of Dairy Science 77: 703-7.
11. Fox, J., D. Hayes, and J. Shogren. 2002. "Consumer Preferences for Food Irradiation: How Favorable and Unfavorable Descriptions Affect Preferences for Irradiated Pork in Experimental Auctions." Journal of Risk and Uncertainty 24: 75-95.
12. Fox, J., J. Shogren, D. Hayes, and J. Kliebenstein. 1998. "CVM-X: Calibrating Contingent Values with Experimental Auction Markets." American Journal of Agricultural Economics 80: 455-65.
13. Freund, J. 1992. Mathematical Statistics. Upper Saddle River, NJ: Prentice Hall.
14. Friedman, D., and S. Sunder. 1994. Experimental Methods: A Primer for Economists. Cambridge: Cambridge University Press.
15. Harrison, G., R. Harstad, and E. Rutström. 2004. "Experimental Methods and Elicitation of Values." Experimental Economics 7: 123-40.
16. Hayes, D., J. Shogren, S. Shin, and J. Kliebenstein. 1995. "Valuing Food Safety in Experimental Auction Markets." American Journal of Agricultural Economics 77: 40-53.
17. Huffman, W., M. Rousu, J. Shogren, and A. Tegene. 2003. "The Public Good Value of Information from Agribusinesses on Genetically Modified Foods." American Journal of Agricultural Economics 85: 1309-15.
18. Kagel, J. 1995. "Auctions: A Survey of Experimental Research." In J. Kagel and A. Roth, eds. Handbook of Experimental Economics. Princeton: Princeton University Press, pp. 501-85.
19. Kagel, J., R. Harstad, and D. Levin. 1987. "Information Impact and Allocation Rules in Auctions with Affiliated Private Values: A Laboratory Study." Econometrica 55: 1275-304.
20. Kahneman, D., J. Knetsch, and R. Thaler. 1990. "Experimental Tests of the Endowment Effect and the Coase Theorem." Journal of Political Economy 98: 1325-48.
21. Knetsch, J., F. Tang, and R. Thaler. 2001. "The Endowment Effect and Repeated Market Trials: Is the Vickrey Auction Demand Revealing?" Experimental Economics 4: 257-69.
22. Kolstad, C., and R. Guzman. 1999. "Information and the Divergence between Willingness to Accept and Willingness to Pay." Journal of Environmental Economics and Management 38: 66-80.
23. List, J. 2001. "Do Explicit Warnings Eliminate the Hypothetical Bias in Elicitation Procedures?Evidence from Field Auctions for Sportscards." American Economic Review 91: 1498-507.
24. List, J., and J. Shogren. 1999. "Price Information and Bidding Behavior in Repeated Second-Price Auctions." American Journal of Agricultural Economics 81: 942-49.
25. Lusk, J. 2003. "Using Experimental Auctions for Marketing Applications: A Discussion." Journal of Agricultural and Applied Economics 35: 349-60.
26. Lusk J. and M. Rousu. 2004. "Designing Experimental Auctions for Marketing Research: The Effect of Values, Distributions, and Mechanisms on Incentives for Truthful Bidding." Working paper, Dept. of Econ., Susquehanna University.
27. Lusk, J., M. Daniel, D. Mark, and C. Lusk. 2001. "Alternative Calibration and Auction Institutions for Predicting Consumer Willingness to Pay of Nongenetically Modified Corn Chips." Journal of Agricultural and Resource Economics 26: 40-57.
28. Lusk, J., L. House, C. Valli, S. Jaeger, M. Moore, B. Morrow, and W. Traill. 2004. "Effect of Information about Benefits of Biotechnology on Consumer Acceptance of Genetically Modified Food: Evidence from Experimental Auctions in the United States, England, and France." European Review of Agricultural Economics 31: 179-204.
29. Lusk, J., and M. Rousu. Forthcoming. "Market Price Endogeneity and Accuracy of Value Elicitation Mechanisms." In J. List, ed. Using Experimental Methods in Environmental and Resource Economics. Cheltenham, UK: Edward Elgar Publishing.
30. Milgrom, P., and R. Weber. 1982. "A Theory of Auctions and Competitive Bidding." Econometrica 50: 1089-122.
31. Noussair, C., S. Robin, and B. Ruffieux. 2002. "Do Consumers Not Care about Biotech Foods or do They Just Not Read the Labels." Economics Letters 75: 47-53.
32. Nunes, J., and P. Boatwright. 2004. "Incidental Prices and Their Effect on Willingness to Pay." Journal of Marketing Research 16: 457-66.
33. Rousu, M., W. Huffman, J. Shogren, and A. Tegene. 2002. "The Value of Verifiable Information in a Controversial Market: Evidence from Lab Auctions of GM Foods. " Working paper, Dept. of Econ., Susquehanna University.
34. Rousu, M., W. Huffman, J. Shogren, and A. Tegene. 2004. "Estimating the Public Value of Conflicting Information: The Case of Genetically Modified Foods." Land Economics 80: 125-35.
35. Rousu, M., D. Monchuk, J. Shogren, and K. Kosa. 2005. "Consumer Perceptions of Labels and the Willingness to Pay for 'Second-Generation' Genetically Modified Products." Journal of Agricultural and Applied Economics 37: 647-57.
36. Shogren, J., S. Cho, C. Koo, J. List, C. Park, P. Polo, and R. Wilhelmi. 2001. "Auction Mechanisms and the Measurement of WTP and WTA." Resource and Energy Economics 23: 97-109.
37. Shogren, J., and D. Hayes. 1997. "Resolving Differences in Willingness to Pay and Willingness to Accept: Reply." American Economic Review 87: 241-44.
38. Shogren, J., J. List, and D. Hayes. 2000. "Preference Learning in Consecutive Experimental Auctions." American Journal of Agricultural Economics 83: 1016-21.
39. Shogren, J., S. Shin, D. Hayes, and J. Kliebenstein. 1994. "Resolving Differences in Willingness to Pay and Willingness to Accept." American Economic Review 84: 255-70.
40. Vickrey, W. 1961. "Counterspeculation, Auctions, and Competitive Sealed Tenders." Journal of Finance 16: 8-37.