We introduce two institutions that provide multiple public good units, assuming that a market-maker has the ability to establish groups of contributors. We set up a public good experiment where either all N individuals form one group to provide two units, or divide the N participants into two...

Past field validity tests of contingent valuation have relied on voluntary contribution mechanisms to elicit actual willingness to pay, and may overestimate hypothetical bias because of free riding in the actual contributions. This paper argues that provision point mechanisms are a preferred...

A computer system for implementing electronic markets on networks of personal computers is described. The program allows a researcher or teacher to design market simulations to meet a variety of goals, and records a complete set of market activities for analysis. Illustrations of example markets...

Laboratory experiments are used to generate data that facilitate investigation of pricing behavior in forward and spot markets. Results suggest a tendency for prices in a spot market to converge to levels higher than those in a forward market. The difference in these market environments is the...

We compare the ability of three preference elicitation methods (hypothetical choices, non-hypothetical choices, and non-hypothetical rankings) and three discrete-choice econometric models (the multinomial logit, the independent availability logit, and the random parameter logit) to predict...

Experimental Economics methods are used to determine Hispanic consumers’ sensory acceptance of pasture-fed beef and evaluate visual and taste influences on their overall preferences and willingness-to-pay (WTP). Two hundred and thirty-one Hispanic consumers in four experimental sites in...

We compare the ability of three preference elicitation methods (hypothetical choices, non-hypothetical choices, and non-hypothetical rankings) and three discrete-choice econometric models (the multinomial logit, the independent availability logit, and the random parameter logit) to predict...