Calibration of the difference between actual and hypothetical valuations in a field experiment

    Authors

    J. A. List;J. F. Shogren

    Comments

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    Abbreviated Journal Title

    J. Econ. Behav. Organ.

    Keywords

    CONTINGENT VALUATION; VALUES; GOODS; WILLINGNESS; AUCTION; ACCEPT; DEMAND; PAY; Economics

    Abstract

    We design and implement a field experiment to elicit and calibrate in-sample hypothetical and actual bids given the presence of other goods and intensity of market experience. Using market goods that possess characteristics beyond the norm but yet remain deliverable, bidding behavior was consistent with theory. But we also observe the average calibration factor for hypothetical bids in the auction with other goods to be more severe (0.3) than for the auction without the goods (0.4). The results support the view that the calibration of hypothetical and actual bidding is good- and context-specific. (C) 1998 Elsevier Science B.V. All rights reserved.

    Journal Title

    Journal of Economic Behavior & Organization

    Volume

    37

    Issue/Number

    2

    Publication Date

    1-1-1998

    Document Type

    Article

    Language

    English

    First Page

    193

    Last Page

    205

    WOS Identifier

    WOS:000077013800005

    ISSN

    0167-2681

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