The purpose of this study was to measure the effect of maximum price information and contextual factors on people's bidding behaviors in a controlled Becker-DeGroot-Marschak (BDM) experimental auctions. 354 respond...The purpose of this study was to measure the effect of maximum price information and contextual factors on people's bidding behaviors in a controlled Becker-DeGroot-Marschak (BDM) experimental auctions. 354 respondents from three Asian countries (China, Cambodia and the Philippines) participated in this study. In each country, both households with piped water connection and households without piped water connection were investigated. The sample in each country was then randomly assigned to two groups: one group was provided with a maximum price of a water filter and the other group was not provided with the maximum price information. The results show that the treatment group with maximum price information had a higher actual willingness-to-pay than the control group without maximum price information, but they were not significantly different. Our results also indicate that contextual and socioeconomic factors did play a role in participants' bid results for the water filter.展开更多
In measuring the trade process in a double auction (DA) market, there is not any observable criterion that is able to describe the matching pairs and their transaction order dynamically. In this paper, we propose a ne...In measuring the trade process in a double auction (DA) market, there is not any observable criterion that is able to describe the matching pairs and their transaction order dynamically. In this paper, we propose a new observable criterion called Marshallian deviation. It can be used to measure the distance of a transaction path deviating from the Marshallian path mathematically, and to answer the question why buyers with high values will trade with sellers with low costs in advance in some types of DA but not in others. Furthermore, three factors influencing the Marshallian deviations both in the CDA and in the PDA are also studied. They are respectively the strategic algorithm, the transaction duration and the number of traders. A few interesting findings are presented.展开更多
基金Beijing university young talent program(YETP0246)
文摘The purpose of this study was to measure the effect of maximum price information and contextual factors on people's bidding behaviors in a controlled Becker-DeGroot-Marschak (BDM) experimental auctions. 354 respondents from three Asian countries (China, Cambodia and the Philippines) participated in this study. In each country, both households with piped water connection and households without piped water connection were investigated. The sample in each country was then randomly assigned to two groups: one group was provided with a maximum price of a water filter and the other group was not provided with the maximum price information. The results show that the treatment group with maximum price information had a higher actual willingness-to-pay than the control group without maximum price information, but they were not significantly different. Our results also indicate that contextual and socioeconomic factors did play a role in participants' bid results for the water filter.
基金This research is supported by the National Natural Science Foundation of China, CAS, MADIS and RGC of Hong Kong.
文摘In measuring the trade process in a double auction (DA) market, there is not any observable criterion that is able to describe the matching pairs and their transaction order dynamically. In this paper, we propose a new observable criterion called Marshallian deviation. It can be used to measure the distance of a transaction path deviating from the Marshallian path mathematically, and to answer the question why buyers with high values will trade with sellers with low costs in advance in some types of DA but not in others. Furthermore, three factors influencing the Marshallian deviations both in the CDA and in the PDA are also studied. They are respectively the strategic algorithm, the transaction duration and the number of traders. A few interesting findings are presented.