Market price endogeneity and accuracy of value elicitation mechanisms

Using Experimental Methods in Environmental and Resource Economics

Volumn , Issue , 2006, Pages 20-40

  Lusk, Jayson L ^a   Rousu, Matthew ^b  

^a OKLAHOMA STATE UNIVERSITY   (United States)

^b SUSQUEHANNA UNIVERSITY   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 70350069126     PISSN: None     EISSN: None     Source Type: Book    
DOI: 10.4337/9781847203045.00007     Document Type: Chapter

References (34)

1. Becker, G., M. DeGroot and J. Marschak (1964), 'Measuring utility by a singleresponse sequential method', Behavioral Science, 23, 226-32.
2. Boyce, R.R., T.C. Brown, G.H. McClelland, G.L. Peterson and W.D. Schulze (1992), 'An experimental examination of intrinsic values as a source of the WTAWTP disparity', American Economic Review, 82, 1366-73.
3. Cherry, T.L. and J.F. Shogren (2001), 'Rationality crossovers', working paper, Department of Economics, Appalachian State University.
4. Cherry, T., T. Crocker and J.F. Shogren (2003), 'Rationality spillovers', Journal of Environmental Economics and Management, 45, 63-84.
5. Chu,Y.P. and R.L. Chu (1990), 'The subsidence of preference reversals in simplified and marketlike experimental settings: a note', American Economic Review, 80, 902-11.
6. Cox, J.C. and D.M. Grether (1996), 'The preference reversal phenomenon: response mode, markets and incentive', Economic Theory, 7, 381-405.
7. Cox, R.C., B. Roberson and V.L. Smith (1982), 'Theory and behavior of single object auctions', in V.L. Smith (ed.), Research in Experimental Economics, vol. 2. Greenwich, CT: JAI Press.
8. Cummings, R.G. and L.O. Taylor (1999), 'Unbiased value estimates for environmental goods: a cheap talk design for the contingent valuation method', American Economic Review, 89, 649-65.
9. Cummings, R.G., G.W. Harrison and E.E. Rutström (1995), 'Homegrown values and hypothetical surveys: is the dichotomous choice approach incentivecompatible?', American Economic Review, 85, 260-66.
10. Fox, J.A.,D.J. Hayes and J.F. 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.
11. Fox, J.A., J.F. Shogren, D.J. Hayes and J.B. Kliebenstein (1998), 'CVM-X: calibrating contingent values with experimental auction markets', American Journal of Agricultural Economics, 80, 455-65.
12. Hayes, D.J., J.F. Shogren, S.U. Shin and J.B. Kliebenstein (1995), 'Valuing food safety in experimental auction markets', American Journal of Agricultural Economics, 77, 40-53.
13. Hofler, R.A. and J.A. List (2004), 'Valuation on the frontier: calibrating actual and hypothetical statements of value', American Journal of Agricultural Economics, 86, 213-21.
14. Huffman, W.E., M. Rousu, J.F. Shogren and A. Tegene (2003), 'The public good value of information from agribusinesses on genetically modified food', American Journal of Agricultural Economics, 85, 1309-15.
15. Irwin, J.R., G.H. McClelland, M. McKee, W.D. Schulze and N.E. Norden (1998), 'Payoff dominance vs. cognitive transparency in decision making', Economic Inquiry, 36, 272-85.
16. Kachelmeier S.J. and M. Shehata (1992), 'Examining risk preferences under high monetary incentives: experimental evidence for the People's Republic of China', American Economic Review, 82, 1120-40.
17. Kagel, J.H. and D. Levin (1993), 'Independent private value auctions: bidder behavior in first-, second-, and third price auctions with varying numbers of bidders', Economic Journal, 103, 868-79.
18. Kagel, J.H., R.M. Harstad and D. Levin (1987), 'Information impact and allocation rules in auctions with affiliated private values: a laboratory study', Econometrica, 55, 1275-1304.
19. List, J.A. (2001), 'Do explicit warnings eliminate the hypothetical bias in elicitation procedures? Evidence from field auctions for sports cards', American Economic Review, 91, 1498-507.
20. List, J.A. (2002), 'Preference reversals of a different kind: the "more is less" phenomenon', American Economic Review, 92, 1636-43.
21. List, J.A. and C. Gallet (2001), 'What experimental protocol influence disparities between actual and hypothetical stated values? Evidence from a meta-analysis', Environmental and Resource Economics, 20, 241-54.
22. List, J.A. and J.F. Shogren (1998), 'Calibrating the differences between actual and hypothetical valuations in a field experiment', Journal of Economic Behavior and Organization, 37, 193-205.
23. Lusk, J.L. (2003), 'Effect of cheap talk on consumer willingness-to-pay for golden rice', American Journal of Agricultural Economics, 85, 840-56.
24. Lusk, J.L., C.E. Alexander and M. Rousu (2005), 'Designing experimental auctions for marketing research: effect of values, distributions, and mechanisms on incentives for truthful bidding', working paper, Department of Agricultural Economics, Oklahoma State University.
25. Lusk, J.L., M.S. Daniel,D.R. Mark and C.L. Lusk (2001b), 'Alternative calibration and auction institutions for predicting consumer willingness-to-pay for nongenetically modified corn chips', Journal of Agriculture and Resource Economics, 26, 40-57.
26. Lusk, J.L., J.A. Fox, T.C. Schroeder, J. Mintert and M. Koohmaraie (2001a), 'Instore valuation of steak tenderness', American Journal of Agricultural Economics, 83, 539-50.
27. Noussair, C., S. Robin and B. Ruffieux (2004), 'Revealing consumers' willingnessto-pay: a comparison of the BDM mechanism and the Vickrey auction', Journal of Economic Psychology, 25, 725-41.
28. Shogren, J.F. (forthcoming), 'Experimental methods and valuation', in K.G. Mäler and J. Vincent (eds), Handbook of Environmental Economics, Amsterdam: Elsevier.
29. Shogren, J.F. and D. Hayes (1997), 'Resolving differences in willingness to pay and willingness to accept: reply', American Economic Review, 87, 241-4.
30. Shogren, J.F., S. Cho, C. Koo, J.A. List, C. Park, P. Polo and R. Wilhelmi (2001a), 'Auction mechanisms and the measurement of WTP and WTA', Resource and Energy Economics, 23, 97-109.
31. Shogren, J.F., M. Margolis, C. Koo and J.A. List (2001b), 'A random nth-price auction', Journal of Economic Behavior and Organization, 46, 409-21.
32. Shogren, J.F., S.Y. Shin, D. Hayes and J.B. Kliebenstein (1994), 'Resolving differences in willingness to pay and willingness to accept', American Economic Review, 84, 255-70.
33. Smith, V.L. (1962), 'An experimental study of competitive market behavior', Journal of Political Economy, 70, 111-37.
34. Vickrey,W. (1961), 'Counterspeculation, auctions, and competitive sealed tenders', Journal of Finance, 16, 8-37.