The role of reference prices in experimental auctions

Andreas C. Drichoutis, Panagiotis Lazaridis, Rodolfo M. Nayga

Research output: Contribution to journalArticle

40 Citations (Scopus)

Abstract

We examine the role of reference prices (field prices) in willingness to pay studies involving experimental auctions. Using a 2nd price Vickrey auction, we find that provision of reference prices increases bid values.

Original languageEnglish
Pages (from-to)446-448
Number of pages3
JournalEconomics Letters
Volume99
Issue number3
DOIs
Publication statusPublished - 2008 Jun

Keywords

  • Experimental auctions
  • Reference price
  • Vickrey auction
  • Willingness to pay

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics

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    Drichoutis, A. C., Lazaridis, P., & Nayga, R. M. (2008). The role of reference prices in experimental auctions. Economics Letters, 99(3), 446-448. https://doi.org/10.1016/j.econlet.2007.09.010