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Paul J. Ferraro
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Journal Articles
Publisher: Journals Gateway
The Review of Economics and Statistics (2024) 106 (5): 1381–1392.
Published: 06 September 2024
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Abstract
View articletitled, Behavioral Biases among Producers: Experimental Evidence of Anchoring in Procurement Auctions
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for article titled, Behavioral Biases among Producers: Experimental Evidence of Anchoring in Procurement Auctions
Experimental research in behavioral economics focuses on consumer behaviors. Similar experimental research on profit-maximizing producers is rare. In three field experiments involving commercial agricultural producers in the United States, we detect evidence of anchoring in competitive auctions for conservation contracts related to nutrient and pest management that were worth, on average, nearly $9,000. In these auctions, the value of the starting cost-share bid was randomized to be either 0% or 100%. When the starting value was 100%, final bids were 46% higher, on average. We find weak evidence that experience with conservation contracts may modestly attenuate the anchoring effect.
Includes: Supplementary data
Journal Articles
Publisher: Journals Gateway
The Review of Economics and Statistics (2013) 95 (1): 64–73.
Published: 01 March 2013
Abstract
View articletitled, Using Nonpecuniary Strategies to Influence Behavior: Evidence from a Large-Scale Field Experiment
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for article titled, Using Nonpecuniary Strategies to Influence Behavior: Evidence from a Large-Scale Field Experiment
Policymakers are increasingly using norm-based messages to influence individual decision making. We partner with a metropolitan water utility to implement a natural field experiment to examine the effect of such messages on residential water demand. The data, drawn from more than 100,000 households, indicate that social comparison messages had a greater influence on behavior than simple prosocial messages or technical information alone. Moreover, our data suggest that social comparison messages are most effective among households identified as the least price sensitive: high users. Yet the effectiveness of such messages wanes over time. Our results thus highlight important complementarities between pecuniary and nonpecuniary strategies.
Includes: Supplementary data