Parkhurst, Gregory; Shogren, Jason F.; Dickinson, David L. - 2010
Some people assign negative values for new products sold on laboratory auction blocks (i.e., irradiated meat). We …. Aggregate bidding in the second-price auction is precise but biased - highest-value positive bidders tend to overstate benefits …, whereas lowest-negative bidders understate losses. In contrast, bidding behavior in the random nth-price auction is demand …