Presented at the 2003 American Agricultural Economics Association Annual Meeting: Montreal, Canada, July 27, 2003. 26 pages.
Copyright 2003 by Sean P. Hurley and James B. Kliebenstein. All rights reserved. Readers may make verbatim copies of this document for non-commercial purposes by any means, provided that this copyright notice appears on all such copies.
Two definitions of willingness-to-pay derived from a Vickrey auction with multi-product and multiple rounds with different information sets are examined. These definitions are examined in the context of valuing pork products with embedded environmental attributes and we show how information can have adverse effects on a base product of comparison.
Agribusiness | Agricultural and Resource Economics | Business