Abstract

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.

Disciplines

Agribusiness | Agricultural and Resource Economics | Business

Number of Pages

26

Publisher statement

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

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URL: http://digitalcommons.calpoly.edu/agb_fac/61