Experimental Auctions: Methods and Applications in Economic and Marketing Research

Quantitative Methods for Applied Economics and Business Research

by Jayson L. Lusk, Jason F. Shogren

Economists, psychologists, and marketers are interested in determining the monetary value people place on non-market goods for a variety of 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.

316 pages, Hardcover

First published July 1, 2007

Reviews

[Trey Malone · Rating 5 out of 5]

Hands-down the book you should own if you want to conduct an experimental auction. It's easy to read and very well-connected to the academic literature. Definitely should be on the shelf of people interested in experimental data collection.