Table 1. Descriptive Statistics for the Auction Sample
|
Variable |
Definition |
____________Meana |
St.dev. |
|
Gender |
Gender of participant |
1.51 |
0.50 |
|
Age |
Age of participant |
38.29 |
8.50 |
|
Income |
Total income of householdb |
5.31 |
1.89 |
|
Education |
Highest completed education Elementary school = 1 High school = 2 University/college = 3_____________________ |
2.43 |
0.70 |
a Corresponding figures for the population between 20 and 60 years old in the Oslo area are 1.51,
39.80, 5.89, and 2.41, respectively, based on estimates from Statistics Norway.
b Income was categorized into six classes. The midpoints of each class were used in the estimations.
Table 2. Descriptive Statistics for the Bids________________________________________
Hypothetical Trials Real Trials
|
H1 |
H2 |
R1 |
R2 |
R3 |
R4 | |
|
Quality A Mean bid A |
83.10 |
84.88 |
86.84 |
88.92 |
89.53 |
90.88 |
|
Standard deviation A |
14.37 |
15.06 |
13.71 |
12.10 |
13.42 |
12.33 |
|
Price premium Aa |
39% |
38% |
34% |
33% |
33% |
28% |
|
Quality B Mean bid B |
69.16 |
72.53 |
73.88 |
76.92 |
74.08 |
75.57 |
|
Standard deviation B |
12.67 |
14.01 |
14.24 |
12.25 |
15.06 |
15.03 |
|
Price premium B |
16% |
17% |
13% |
14% |
9% |
6% |
|
Quality C Mean bid C |
54.22 |
56.22 |
57.41 |
57.37 |
60.04 |
61.14 |
|
Standard deviation C |
13.38 |
14.10 |
14.08 |
16.21 |
16.20 |
12.34 |
|
Price premium C |
-10% |
-10% |
-12% |
14% |
-12% |
-14% |
|
Quality V Mean bid V |
61.16 |
63.49 |
66.00 |
68.59 |
69.47 |
72.20 |
|
Standard deviation C |
13.98 |
12.98 |
12.81 |
13.54 |
14.31 |
14.47 |
a Price premium for quality A relative to quality V, measured in percent. Price premium A = 100*(Bid
A - Bid V)∕Bid V.
10
More intriguing information
1. ESTIMATION OF EFFICIENT REGRESSION MODELS FOR APPLIED AGRICULTURAL ECONOMICS RESEARCH2. MATHEMATICS AS AN EXACT AND PRECISE LANGUAGE OF NATURE
3. AN ECONOMIC EVALUATION OF THE COLORADO RIVER BASIN SALINITY CONTROL PROGRAM
4. Computational Batik Motif Generation Innovation of Traditi onal Heritage by Fracta l Computation
5. IMMIGRATION POLICY AND THE AGRICULTURAL LABOR MARKET: THE EFFECT ON JOB DURATION
6. The name is absent
7. The Dynamic Cost of the Draft
8. Iconic memory or icon?
9. The name is absent
10. The Mathematical Components of Engineering