The role of training in experimental auctions

dc.contributor.author	Drichoutis, AC	en
dc.contributor.author	Nayga Jr ,RM	en
dc.contributor.author	Lazaridis, P	en
dc.date.accessioned	2014-06-06T06:51:04Z
dc.date.available	2014-06-06T06:51:04Z
dc.date.issued	2011	en
dc.identifier.issn	00029092	en
dc.identifier.uri	http://dx.doi.org/10.1093/ajae/aaq141	en
dc.identifier.uri	http://62.217.125.90/xmlui/handle/123456789/5302
dc.subject.other	conference proceeding	en
dc.subject.other	economic activity	en
dc.subject.other	strategic approach	en
dc.subject.other	training	en
dc.subject.other	willingness to pay	en
dc.title	The role of training in experimental auctions	en
heal.type	conferenceItem	en
heal.identifier.primary	10.1093/ajae/aaq141	en
heal.publicationDate	2011	en
heal.abstract	Experimental auctions have become a popular tool for applied economists to elicit people's willingness to pay (WTP) for certain goods due to their demand revealing properties. The training phase is an important component of experimental auction studies since there is considerable evidence from Vickrey auctions and induced value experiments that subjects require time and practice to learn the dominant strategy in these auctions. Subjects were also informed that at the end of the choice phase and the lottery auction phase, a randomly generated number would determine which of the two phases would be selected as binding. During the training phase, subjects were shown numerical examples of exactly how their lottery payoffs would be determined. Assuming that our minimal training did not provide adequate training to subjects, or did not provide enough information about the dominant strategic properties of the auction institution, our finding further implies that extensive training could elicit more accurate WTP values from subjects.	en
heal.journalName	American Journal of Agricultural Economics	en
dc.identifier.issue	2	en
dc.identifier.volume	93	en
dc.identifier.doi	10.1093/ajae/aaq141	en
dc.identifier.spage	521	en
dc.identifier.epage	527	en