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Abstract

Economists are frequently faced with the task of valuing commodity package components. The valuation of specific impacts of public policies is a case in point. Two contingent market bid elicitation procedures were tested for valuing changes in single components of multicomponent government program. Results of the test suggested that respondents provided more accurate component to piecewise valuation when a two-step bidding approach, rather than a one-step approach was used. Thus, there is evidence that a two-step approach which helps respondents to isolate valuations for package components is perhaps a preferable bid elicitation procedure for piecewise valuation.

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