Title
Calibration of the difference between actual and hypothetical valuations in a field experiment
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
ISSN
0167-2681
Recommended Citation
"Calibration of the difference between actual and hypothetical valuations in a field experiment" (1998). Faculty Bibliography 1990s. 2334.
https://stars.library.ucf.edu/facultybib1990/2334
Comments
Authors: contact us about adding a copy of your work at STARS@ucf.edu