Behavioral Biases among Producers: Experimental Evidence of Anchoring in Procurement Auctions
Review of Economics and Statistics · 2022 · Paul J. Ferraro、Kent D. Messer、Pallavi Shukla、Collin Weigel
中文摘要
行为经济学的实验研究主要关注消费者行为。针对利润最大化生产者的类似实验研究则较为罕见。在三项涉及美国商业农业生产者的实地实验中，我们在与养分和病虫害管理相关的保护合同的竞争性拍卖中检测到了锚定效应的证据，这些合同平均价值近9,000美元。在这些拍卖中，初始成本分担报价的值被随机设定为0%或100%。当初始值为100%时，最终报价平均高出46%。我们发现了微弱的证据，表明保护合同方面的经验可能会适度削弱锚定效应。
Abstract
Abstract 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.