Book by OSU professor endorsed by Nobel Prize-winning economist
Wednesday, May 16, 2007
The book, “Experimental Auctions,” co-written by Lusk and Jason Shogren of the University of Wyoming, provides examples of a method that uses experimental auctions to determine the monetary value people place on new or non-market commodities, rights and services.
The Nobel Prize winning professor who reviews the book, Vernon Smith, calls the design and application described by the authors “…perhaps the most important development in experimental auctions since the first tests over 25 years ago.”
Among other benefits, this application of experimental auctions helps gather data
on consumer behavior without the use of hypothetical questions. Lusk is professor
and Willard Sparks Endowed Chair in the Department of Agricultural Economics. For
more details, click here .
For more information on Lusk, click here.