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.
|Number of pages||4|
|State||Published - Oct 17 1997|
- Willingness to pay Auctions Contingent valuation C91 D61
ASJC Scopus subject areas
- Economics and Econometrics