Abstract:In most experimental auctions, it is a common practice to carry out several bidding rounds for the same product and to post the winning price at the end of each round. This practice can lead to an affiliation of participants’ bids and biased value estimates if bids between subjects are inter-dependent. In this paper, the effect of posted prices on bidders’ willingness to pay for a good using a random nth price auction is examined. The auctioned good was one kilogram of the Protected Designation Origin (PDO) ‘M… Show more
Set email alert for when this publication receives citations?
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.