The role of reference prices in experimental auctions

Andreas Drichoutis (), Panagiotis Lazaridis and Rodolfo M. Nayga

Economics Letters, 2008, vol. 99, issue 3, pages 446-448

Abstract: We examine the role of reference prices (field prices) in willingness to pay studies involving experimental auctions. Using a 2nd price Vickrey auction, we find that provision of reference prices increases bid values.

Date: 2008
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