This study explores two important issues in experimental economics: calibration and auction institution. Consumer willingness-to-pay bids for corn chips made with non-genetically modified ingredients are elicited from a 1st price and 2nd price auction. Results suggest that responses to scale...

This study quantifies the differential in demand between different USDA quality grades of beef and the interaction between quality graded beef and other meats. We provide estimates of meat retailer own and cross price demand elasticities for USDA Choice and Select boxed beef. Results indicate...

This paper develops a game theory optimization model of market efficiency and derives conditions under which voluntary pooling is sustained for US/Canada durum and hard red spring wheat producers. Analysis reveals that United States and Canadian farmers can increase farm returns with efficiency...