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| Lusk, Jayson L.; Daniel, M. Scott; Mark, Darrell R.; Lusk, Christine L.. |
| This study explores two important issues in experimental economics: calibration and auction institution. Consumer willingness-to-pay bids for corn chips made with non-genetically modified ingredients are elicited in first- and second-price auctions. Results suggest that responses to scale-differential questions, elicited in a survey, accurately predicted consumer willingness-to-pay bids. While the second-price auction induced a greater percentage of marginal bidders to offer a positive bid compared to the first-price auction, average bid levels in the first- and second-price auctions were not statistically different from one other. In a small and unrepresentative sample, 70% of student participants were unwilling to pay to exchange a bag of chips made... |
| Tipo: Journal Article |
Palavras-chave: Consumer/Household Economics. |
| Ano: 2001 |
URL: http://purl.umn.edu/31160 |
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| Lusk, Jayson L.; Daniel, M. Scott; Mark, Darrell R.; Lusk, Christine L.. |
| This study explores two important issues in experimental economics: calibration and auction institution. Consumer willingness-to-pay bids for corn chips made with non-genetically modified ingredients are elicited from a 1st price and 2nd price auction. Results suggest that responses to scale differential questions, in a survey, accurately predict consumer willingness-to-pay bids. The 2 nd price auction induces a greater percentage of marginal bidders to offer a positive bid than a 1st price auction. However, average bid levels in the 1st and 2nd price auctions were not statistically different from one other. In a small and unrepresentative sample, 70 percent of student participants were unwilling to pay to exchange a bag of genetically modified corn chips... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Consumer/Household Economics; Demand and Price Analysis. |
| Ano: 2000 |
URL: http://purl.umn.edu/36424 |
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