Experimental Auctions

Jayson L. Lusk is Professor and Willard Sparks Endowed Chair in the Department of Agricultural Economics, Oklahoma State University. Jason F. Shogren is Stroock Distinguished Professor of Natural Resource Conservation and Management, and Professor of Economics and Finance, University of Wyoming.

• 1. Introduction; 2. Theory of incentive compatible auctions and evidence from induced value experiments; 3. Value theory; 4. Conducting an experimental auction: some preliminaries; 5. Conducting experimental auctions; 6. Data analysis with experimental auction bids; 7. Valuation case studies; 8. Case studies on auction design; 9. Validity of experimental auctions; 10. Conclusion; Index.

'Lusk and Shogren have developed an indispensable guide to an important methodology that is growing in relevance and significance in economics, marketing, psychology and public policy research. Their book is both technically strong and very accessible, even for the non-specialist. The authors have filled the book with interesting and compelling examples that bring the method to life and demonstrate its applicability. Any scholar interested in understanding how individuals value non-market options should have this book on their shelf.' David W. Stewart, Robert E. Brooker Professor of Marketing, Marshall School of Business, University of Southern California