A TALE OF TWO PREMIUMS- EXAMINING BIDS FROM A MULTIPLE ROUND VICKREY AUCTION WITH DIFFERING INFORMATION SETS
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Two definitions of willingness-to-pay derived from a Vickrey auction with multi-product and multiple rounds with different information sets are examined. These definitions are examined in the context of valuing pork products with embedded environmental attributes and we show how information can have adverse effects on a base product of comparison.