Experimental Auctions to Elicit Value for Product Attributes
Date
2001
Authors
Umberger, W.
Feuz, D.
Editors
Advisors
Journal Title
Journal ISSN
Volume Title
Type:
Conference paper
Citation
Journal of Agricultural and Resource Economics, 2001; 26 (2): p.558
Statement of Responsibility
Conference Name
Western Agricultural Economics Association. Meeting (2001 : Logan, Utah)
Abstract
A sealed-bid, fourth-price Vickrey-style auction was used to measure consumers' willingness to pay for flavor in beef steaks. Consumers from Chicago and San Francisco participated in the experimental auctions. Consumers appeared to express true relative value differences for different product attributes. Market price levels were influenced by the number of participants in a panel, by individual consumers' tastes and preferences, and perhaps by the size of the monetary payment for participating in the experiment. Relative auction value differences are credible values reflecting different consumer values. However, absolute auction values can be altered by experimental design.