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
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