HYPOTHETICAL VERSUS REAL PAYMENTS IN VICKREY AUCTIONS

Authors
BLUMENSCHEIN K JOHANNESSON M BLOMQUIST GC LILJAS B OCONOR RM
Citation
K. Blumenschein et al., HYPOTHETICAL VERSUS REAL PAYMENTS IN VICKREY AUCTIONS, Economics letters, 56(2), 1997, pp. 177-180
Citations number
12
Journal title
Economics letters → ACNP
ISSN journal
01651765
Volume
56
Issue
2
Year of publication
1997
Pages
177 - 180
Database
ISI
SICI code
0165-1765(1997)56:2<177:HVRPIV>2.0.ZU;2-J
Abstract
We compare hypothetical and real payments in a Vickrey auction. The us e 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. (C) 1997 Elsevier Science S. A.