Using random nth price auctions to value non-market goods and services

John List

Framed Field Experiments from The Field Experiments Website

Abstract: Public policy decision making often requires balancing the benefits of a policy with the costs. While regulators in the United States and abroad rely heavily on benefit-cost analysis, critics contend that hypothetical bias precludes one of the most popular benefit estimation techniques--contingent surveys--from providing reliable economic values for nonmarket goods and services. This paper explores a new methodology to obtain the total value of nonmarket goods and services--random nth price auctions. The empirical work revolves around examining behavior of 360 participants in a competitive marketplace, where subjects naturally buy, sell, and trade commodities. The field experiment provides some preliminary evidence that hypothetical random nth price auctions can, in certain situations, reveal demand truthfully.

Date: 2003
References: Add references at CitEc
Citations: View citations in EconPapers (30)

Downloads: (external link)
http://s3.amazonaws.com/fieldexperiments-papers2/papers/00173.pdf

Related works:
Journal Article: Using Random nth Price Auctions to Value Non-market Goods and Services (2003)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:feb:framed:00173

Access Statistics for this paper

More papers in Framed Field Experiments from The Field Experiments Website
Bibliographic data for series maintained by Francesca Pagnotta ().