000202164 001__ 202164 000202164 005__ 20250401105625.0 000202164 0247_ $$2doi$$a10.22004/ag.econ.202164 000202164 037__ $$a330-2016-13597 000202164 041__ $$aeng 000202164 084__ $$aC91 000202164 084__ $$aC18 000202164 245__ $$aOff the reservation: Pushing the bounds of rationality in experimental auctions 000202164 260__ $$c2015 000202164 269__ $$a2015 000202164 270__ $$mdanieleduardo11@tamu.edu$$pChavez, Daniel 000202164 270__ $$mmapalma@tamu.edu$$pPalma, Marco 000202164 300__ $$a33 000202164 336__ $$aConference Paper/ Presentation 000202164 490__ $$aPaper6482 000202164 520__ $$aThe use of experimental economics in valuation of market and non-market goods has grown considerably over the past few years. The ability of experimental auctions (EAs) to reveal consumer preferences and their malleability have been greatly praised by researchers across the profession. Because of the high cost of conducting EAs, researchers have a vested interest in extracting as much information as possible from the research sample, usually presenting multiple products or product alternatives to participants. In the last decade large amounts of work has been done to improve the methodology and design of EAs. However, choosing how many products or product alternatives to use has no clear guideline. Findings of this study support a “choice overload” phenomenon even with a relatively small number of products used for auction. Mean willingness to pay was found to be a decreasing function of the number of alternatives presented to participants. A heteroscedastic error variance scaler was estimated and it was found to be a decreasing function of the number of alternatives presented, implying more variance across responses as the number of alternatives increases. 000202164 546__ $$aEnglish 000202164 650__ $$aInstitutional and Behavioral Economics 000202164 650__ $$aResearch Methods/Statistical Methods 000202164 6531_ $$aChoice Overload 000202164 6531_ $$aExperimental Economics 000202164 6531_ $$aHeteroscedastic Error Variance 000202164 6531_ $$aWillingness to Pay 000202164 700__ $$aChavez, Daniel 000202164 700__ $$aPalma, Marco 000202164 773__ $$d2015 000202164 8564_ $$9e16f97bd-8476-4e33-803c-6b2eaee55831$$s306707$$uhttps://ageconsearch.umn.edu/record/202164/files/Off%20the%20reservation%20AAEA.pdf 000202164 887__ $$ahttp://purl.umn.edu/202164 000202164 909CO $$ooai:ageconsearch.umn.edu:202164$$pGLOBAL_SET 000202164 912__ $$nSubmitted by Daniel Chavez (danieleduardo11@tamu.edu) on 2015-04-21 No. of bitstreams: 1 Off the reservation AAEA.pdf: 306707 bytes, checksum: b2cffbf6a8554deaba5f3e66c51694c4 (MD5) 000202164 912__ $$nMade available in DSpace on 2015-04-21 (GMT). No. of bitstreams: 1 Off the reservation AAEA.pdf: 306707 bytes, checksum: b2cffbf6a8554deaba5f3e66c51694c4 (MD5) Previous issue date: 2015 000202164 913__ $$aLicense granted by Daniel Chavez (danieleduardo11@tamu.edu) on 2015-04-21 (GMT): <center> <h2> Deposit Agreement </h2> </center> I represent that I am the creator of the digital material identified herein (&ldquo;Work&rdquo;). I represent that the work is original and that I either own all rights of copyright or have the right to deposit the copy in a digital archive such as AgEcon Search. I represent that in regard to any non-original material included in the Work I have secured written permission of the copyright owner (s) for this use or believe this use is allowed by law. I further represent that I have included all appropriate credits and attributions. I hereby grant the Regents of the University of Minnesota (&ldquo;University&rdquo;), through AgEcon Search, a non-exclusive right to access, reproduce, and distribute the Work, in whole or in part, for the purposes of security, preservation, and perpetual access. I grant the University a limited, non-exclusive right to make derivative works for the purpose of migrating the Work to other media or formats in order to preserve access to the Work. I do not transfer or intend to transfer any right of copyright or other intellectual property to the University. If the Deposit Agreement is executed by the Author�s Representative, the Representative shall separately execute the following representation: I represent that I am authorized by the Author to execute this Deposit Agreement on behalf of the Author. 000202164 980__ $$a330 000202164 982__ $$gAgricultural and Applied Economics Association>2015 AAEA & WAEA Joint Annual Meeting, July 26-28, San Francisco, California