Valuing Farm Financial Information

Table 2. Summary of Participant Education Levels

Results

Of the 72 participants in the study, 53 submitted positive bids, 18 people checked the box on the
bid sheet indicating that there was no amount of money they would accept for their records, and
1 person did not complete their bid sheet. Two of the 72 participants did not fully complete their
surveys and the bid sheet so their results were not included in the analysis. One completed bid
was eliminated from the analysis as the bid was four times the next highest bid and was greater
than the operation’s total fair market value for the size of operation indicated on the survey. A
total of 69 bids (including the participants that checked the no-bid box) were included in the
results. Of those individuals submitting bids, the range was from $100 to $2,500,000, with the
average bid being $145,657 and the median being $25,575.

Table 3 reports the distribution of bid prices. Nearly 50% of the bids were in the bid
range $10,001 to $100,000; roughly 33% were below $10,000 and 17% were greater than
$100,000. For the 18 participants that marked the no-bid box, it is possible there was truly no
amount of money that they were willing to receive for their records, that they did not understand
the auction mechanism, that their true valuations were so high they no had chance of winning the

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