Title

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

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.

Publication Date

10-30-1998

Publication Title

Journal of Economic Behavior and Organization

Volume

37

Issue

2

Number of Pages

193-205

Document Type

Article

Personal Identifier

scopus

DOI Link

https://doi.org/10.1016/S0167-2681(98)00084-5

Socpus ID

0001604716 (Scopus)

Source API URL

https://api.elsevier.com/content/abstract/scopus_id/0001604716

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