Auction mechanisms and the measurement of WTP and WTA
In: Resource and energy economics, Jg. 23 (2001), Heft 2, S. 97-109
academicJournal
- print, 25 ref
Zugriff:
We evaluate the impact of three auction mechanisms - the Becker-DeGroot-Marschak mechanism, the second-price auction, and the random nth-price auction - in the measurement of willingness to pay (WTP) and willingness to accept (WTA) measures of value. Our results show that initial bidding in trial 1 in each auction does not contradict the endowment effect; but that, if it is the endowment effect that governs people's initial bidding behavior, it can be eliminated with repetitions of a second-price or random nth-price auction; and if the thesis is that the effect should persist across auctions anal across trials is right, our results suggest that there is no fundamental endowment effect.
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Auction mechanisms and the measurement of WTP and WTA
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Autor/in / Beteiligte Person: | SHOGREN, Jason F ; CHO, Sungwon ; KOO, Cannon ; LIST, John ; PARK, Changwon ; POLO, Pablo ; WILHELMI, Robert |
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Zeitschrift: | Resource and energy economics, Jg. 23 (2001), Heft 2, S. 97-109 |
Veröffentlichung: | Amsterdam: Elsevier, 2001 |
Medientyp: | academicJournal |
Umfang: | print, 25 ref |
ISSN: | 0928-7655 (print) |
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