Book by OSU professor endorsed by Nobel Prize-winning economist

Wednesday, May 16, 2007

A book by Oklahoma State University professor Jayson Lusk is getting a rave review from a Nobel Prize-winning economist.

The book, “Experimental Auctions,” co-written by Dr. 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 using hypothetical questions. Lusk is a professor and Willard Sparks Endowed Chair in the Department of Agricultural Economics.