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Burtraw, Dallas; Goeree, Jacob; Holt, Charles A.; Myers, Erica; Palmer, Karen; Shobe, William – Journal of Policy Analysis and Management, 2009
Environmental markets have several institutional features that provide a new context for the use of auctions and that have not been studied previously. This paper reports on laboratory experiments testing three auction forms--uniform and discriminatory price sealed-bid auctions and an ascending clock auction. We test the ability of subjects to…
Descriptors: Microeconomics, Governance, Pollution, Game Theory
Cummings, Ronald G.; Holt, Charles A.; Laury, Susan K. – Journal of Policy Analysis and Management, 2004
In recent years, interest has been growing in policy applications of different auction systems. This paper reports a series of experiments that were used to design and implement an auction in a unique policymaking environment. In April 2000, the Georgia legislature passed a law that mandated that the state hold an auction in drought years to pay…
Descriptors: Laboratory Experiments, Public Policy, Policy Formation, Microeconomics