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Hypothetical versus real payments in Vickrey auctions
Journal article   Peer reviewed

Hypothetical versus real payments in Vickrey auctions

Karen Blumenschein, Magnus Johannesson, Glenn C. Blomquist, Bengt Liljas and Richard O'Conor
Economics Letters, Vol.56(2), pp.177-180
1997
DOI: https://doi.org/10.1016/S0165-1765(97)81897-6

Abstract

Auctions Contingent valuation Willingness to pay C91 D61
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.

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