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Behavioral Biases among Producers: Experimental Evidence of Anchoring in Procurement Auctions
Date created: 2021-05-04 12:47 PM | Last Updated: 2021-10-04 08:38 PM
Category: Project
Description: In three field experiments with commercial agricultural producers in the US, we study whether producers are susceptible to similar behavioral anomalies as consumers.
Abstract
Experimental research in behavioral economics focuses on consumer behaviors. Similar research on profit-maximizing producers is rare. In three field experiments involving commercial agricultural producers in the US, we detect evidence of anchoring in competitive auctions for conservation cost-share contracts related to nutrient and pest management that were worth, on average, nearly nine …
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