Researchers use practice rounds to familiarize participants with experimental auction mechanisms. We find a positive correlation between practice bids and bids submitted in later rounds. We consider three explanations for this correlation: a behavioral anchoring effect, a tendency for some...

It is generally thought that market outcomes are improved with the provision of market information. As a result, the use of repeated rounds with price feedback has become standard practice in the applied experimental auction valuation literature.We conducted two experiments to determine how...

Economists study how incentives motivate human behavior. However, besides grades, professors do not frequently employ incentives to motivate students in the classroom. Possibly because expenses associated with classroom incentives often remain unreimbursed or because other implementation costs...

We report the results of an experiment designed to test whether initial endowments affect value estimates elicited from experimental auctions. Comparing bids for one unit of a good, two units of a good, and a second unit of a good when endowed with the first unit, we find that willingness to pay...

Controversy surrounds the introduction of genetically modified foods. One key issue relates to tolerance levels - the impurity rate tolerated before a commodity must be labeled. Currently, the United States has not defined a tolerance level for genetically modified foods. This paper uses data...

Purpose – The purpose of this paper is to attempt to ascertain how people who are experiencing the process of hydraulic fracturing (fracking) to extract gas, define it. A case study is done on the town of Canton in Central Pennsylvania. Design/methodology/approach – A combination of in-depth...

This paper investigates a simple question: What are the determinants of a Non-Fiat Anonymous Digital Payment Method's (N-FAD) value? The investigation illuminates a unique characteristic of money that is not widely discussed in the economic literature, which distinguishes commonly accepted...