Hypothetical versus real payments in Vickrey auctions

Karen Blumenschein, Magnus Johannesson, Glenn C. Blomquist, Bengt Liljas, Richard M. O'Conor

Research output: Contribution to journalArticlepeer-review

26 Scopus citations

Abstract

We compare hypothetical and real payments in a Vickrey auction. The use of hypothetical payments overestimates the real willingness to pay. The results cast doubt on the validity of hypothetical willingness to pay questions for the typical respondent.

Original languageEnglish
Pages (from-to)177-180
Number of pages4
JournalEconomics Letters
Volume56
Issue number2
DOIs
StatePublished - Oct 17 1997

Keywords

  • Willingness to pay Auctions Contingent valuation C91 D61

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics

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