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Abstract

Despite the merits of good farm record keeping, little is known about the value farmers place on their farm financial records. This study uses a willingness-to-accept experimental second price auction to elicit such values from farmers. Results indicate farm records are extremely valuable and that some diversity in values is explained by the characteristics of the records and farmers. We find that experimental auctions can be used to elicit values for extremely high-valued goods, and we demonstrate how they can be used to value a complex good comprised of many sub-components.

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