The advantage of resource queues over spot resource markets: decision coordination in experiments under resource uncertainty

Fonseca, Miguel A., Alexander Pfaff, and Daniel Osgood. “The advantage of resource queues over spot resource markets: decision coordination in experiments under resource uncertainty." American Journal of Agricultural Economics 94.5 (2012): 1136-1153. [oxfordjournals.org]; [Open Access PDF]

==Notes by yinung==

本文用實驗法探討灌溉水源 (以 water queues 的形式) 的事前分配 (用 bidding) vs 事後水源拍賣,對生產決策 (種高/低水量需求作物) 之影響。以2007-08 英國 Exeter 大學學生和巴西農業區半工半讀的學生或公務員為受試者,實驗結果證明,事前的 water queues 制度,相對於事後的 spot market 分配水源的制度,有助於提昇效率。
其原因主要是在,決策者面對 environmental and strategic 兩種不確定之下, 可以利用先知道對手對環境不確定之選擇,用來當做生產決策協調之依據。
[引文] The advantage of resource queues over spot markets concerns two types of uncertainty, environmental and strategic.
(較早寫的)
此篇用經濟實驗法, 研究農民在灌溉用水不確定下之決策; 投入種子、肥料、整地的成本, 但利潤取決於不確定供水。在環境不確定 (雨量多寡) 前,先以 bidding (water queues) 決定用水優先序,可做為投入種植決策之協調機制,使得在事前 water queues 制度下, 比雨量確定後才拍賣決定水權制度更有效率。

==abstract==

Farmers have to make key decisions, such as which crops to plant or whether to prepare the soil, before knowing how much water they will get. They face losses if they make costly decisions but do not receive water, and they may forego profits if they receive water without being prepared. We consider the coordination of farmers’ decisions, such as which crops to plant or whether to prepare the soil when farmers must divide an uncertain water supply. We compare ex-ante queues (pre-decision) to
an ex-post spot market (post-decision & post-rain) in experiments in rural Brazil and a university in England. Queues have greater coordination success than does the spot market.

==References==

Lefebvre, M., L. Gangadharan, and S. Thoyer. 2012. “Do Security-Differentiated Water Rights Improve the Performance of Markets?” American Journal of Agricultural Economics. doi:10.1093/ajae/aas060.
本文回顧到這篇:
The most relevant experiment of which we are aware is that of Lefebvre et al. (2012), which studies profits with security-differentiated water rights (mimicking the essence of a queue) versus non-differentiated, equal share rights. The differentiated rights are seen to have profit and risk-management benefits relative to the non-differentiated rights.
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CVM-X: Calibrating Contingent Values with Experimental Auction Markets

John A. Fox, Jason F. Shogren, Dermot J. Hayes and James B. Kliebenstein “CVM-X: Calibrating Contingent Values with Experimental Auction Markets." American Journal of Agricultural Economics, Vol. 80, No. 3 (Aug., 1998), pp. 455-46.

Stable URL: http://www.jstor.org/stable/1244548

Abstract

We design and implement a method, CVM-X, to calibrate hypothetical survey values using experimental auction markets. We test the procedure using consumer willingness-to-pay for irradiated/nonirradiated meat. Our results show that calibration factors for those who favor the irradiation process (0.67-0.69) are less severe than for those with an initial dislike of the process (0.55-0.59), suggesting that calibration may be commodity specific.