Conservation tenders: linking theory and experiments for policy assessment
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Auction theory has mostly focussed on target-constrained auctions and is less well
developed for budget-constrained tenders, which are the norm in environmental policy.
This study assesses a theoretical model developed for budget-constrained tenders
in its capacity to predict tendering performance under information deficiencies typical
of field applications. If complemented by laboratory experiments, the model is able to
make the correct policy recommendation when comparing the tender to an equivalent
fixed-price scheme, even with poor predictive accuracy. This holds even if the policymaker
has only limited information on the model’s key input variables.