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Experimental Auctions: Methods And Applications In Economic And Marketing Research

Experimental Auctions: Methods And Applications In Economic And Marketing Research

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  • ISBN:9780521671248
  • Editorial: Cambridge University Press
  • Fecha de la edición:
  • Encuadernación:Rústica
  • Dimensiones: 17 cm x 25 cm
  • Nº Pág.:336
  • Idiomas:Ingles,Inglés

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Economists, psychologists, and marketers are interested in determining the monetary value people place on non-market goods for a variety of reasons: to carry out cost-benefit analysis, to determine the welfare effects of technological innovation or public policy, to forecast new product success, and to understand individual and consumer behavior. Unfortunately, many currently available techniques for eliciting individuals' values suffer from a serious problem in that they involve asking individuals hypothetical questions about intended behavior. Experimental auctions circumvent this problem because they involve individuals exchanging real money for real goods in an active market. This represents a promising means for eliciting non-market values. Lusk and Shogren provide a comprehensive guide to the theory and practice of experimental auctions. It will be a valuable resource to graduate students, practitioners and researchers concerned with the design and utilization of experimental auctions in applied economic and marketing research.

Introduces students and practitioners to a cutting edge technique in applied economics and market research Shows how experimental auctions can be used in a range of contexts in both private and public sectors Explains underlying theory of experimental auctions

1. Introduction; 2. Theory of incentive compatible auctions and evidence from induced value experiments; 3. Value theory; 4. Conducting an experimental auction: some preliminaries; 5. Conducting experimental auctions; 6. Data analysis with experimental auction bids; 7. Valuation case studies; 8. Case studies on auction design; 9. Validity of experimental auctions; 10. Conclusion; Index.

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