Preference Learning in Consecutive Experimental Auctions
Jason Shogren (),
John List () and
Dermot Hayes ()
American Journal of Agricultural Economics, 2000, vol. 82, issue 4, pages 1016-1021
This paper explores the origins of the strikingly high price premia paid for new food products in lab valuation exercises. Our experimental design distinguishes between two explanations of this phenomenon: novelty of the experimental experience versus the novelty of the good, i.e., preference learning—bids reflect a person's desire to learn how an unfamiliar good fits into their preference set. Subjects bid in four consecutive experimental auctions for three goods that vary in familiarity, candy bars, mangos, and irradiated meat. Our results suggest that preference learning is the main source of the high premia, and that novelty of the experimental experience does not in itself artificially inflate valuations. Copyright 2000, Oxford University Press.
References: Add references at CitEc
Citations View citations in EconPapers (19) Track citations by RSS feed
Downloads: (external link)
Access to full text is restricted to subscribers.
Working Paper: Preference Learning in Consecutive Experimental Auctions (2000)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: http://EconPapers.repec.org/RePEc:oup:ajagec:v:82:y:2000:i:4:p:1016-1021
Access Statistics for this article
American Journal of Agricultural Economics is currently edited by Peter Berck, Robert J. Myers, Ian M. Sheldon and B. Wade Brorsen
More articles in American Journal of Agricultural Economics from Agricultural and Applied Economics Association
Contact information at EDIRC.
Series data maintained by Oxford University Press ().