A NOTE ON THE EXISTENCE OF STARTING POINT BIAS IN ITERATIVE BIDDING GAMES

This note further illuminates the strength and direction of starting point bias in iterative bidding procedures. Conflicting recent findings concerning the starting point bias phenomenon are first briefly overviewed. The hypothesis that starting values influence valuations obtained in iterative bidding games is then tested in an experimental setting using widely disparate starting values ranging from $1 to$8,000. Statistically significant differences in mean final bidding outcomes were consistently detected in games using different starting values. This evidence, combined with test results reported elsewhere, strongly suggests that starting point value selection can have subtle but significant effects on observed final bids.Research Methods/ Statistical Methods,

Estimating the Value of Variations in Anglers' Success Rates: An Application of the Multiple-Site Travel Cost Method

An estimation method is presented to measure sport fishermen's valuation of exogenous changes in fishing quality (catch rates). A theoretical model is initially presented to show how variations in prevailing catch rates influence an angler's valuation of recreational fishing. A two-stage estimation approach is suggested that capitalizes on the notion that angler consumer surplus is sensitive to changes in success rates. The procedure entails first estimating sportfishing values at qualitatively different fishing sites using a multiple-site travel cost approach. Afterward, the sensitivity of estimated values to different success rate levels is measured using a separate regression procedure. An empirical application of this two-stage method to Lake Michigan sportfishing is given. It is estimated that for Lake Michigan anglers who fish for trout and salmon, a 10% increase in success rates will increase average trip values by SUS 0.30.Environmental Economics and Policy, Research Methods/ Statistical Methods, Resource /Energy Economics and Policy, Risk and Uncertainty,

\u3csup\u3e13\u3c/sup\u3eC NMR Analysis of Biologically Produced Pyrene Residues by \u3cem\u3eMycobacterium\u3c/em\u3e sp. KMS in the Presence of Humic Acid

Cultures of the pyrene degrading Mycobacterium sp. KMS were incubated with [4-13C]pyrene or [4,5,9,10-14C]pyrene with and without a soil humic acid standard to characterize the chemical nature of the produced residues and evaluate the potential for bonding reactions with humic acid. Cultures were subjected to a “humic acid/humin” separation at acidic pH, a duplicate separation followed by solvent extraction of the humic acid/humin fraction, and a high pH separation. 13C NMR analysis was conducted on the resulting solid extracts. Results indicated that the activity associated with solid extracts did not depend on pH and that approximately 10% of the added activity was not removed from the solid humic acid/humin fraction by solvent extraction. 13C NMR analysis supported the conclusion that the majority of pyrene metabolites were incorporated into cellular material. Some evidence was found for metabolite reaction with the added humic material, but this did not appear to be a primary fate mechanism

Using a Hedonic Model of Solar Radiation to Assess the Economic Effect of Climate Change: The Case of Mosel Valley Vineyards

In this paper we provide a simple, credible method for assessing the effects of climate change on the quality of agricultural land and then apply this method using a rich set of data on the vineyards of the Mosel Valley in Germany. The basic idea is to use a simple model of solar radiation to measure the amount of energy collected by a vineyard, and then to establish the econometric relation between energy and vineyard quality. Coupling this hedonic function with the elementary physics of heat and energy permits a straightforward calculation of the impact of any climate change on vineyard quality (and prices). We show that the variability in vineyard quality in this region is due primarily to the extent to which each vineyard is able to capture radiant solar energy, so that these data provide a particularly credible “experiment” for identifying and measuring the appropriate hedonic equation. Our empirical results indicate that the vineyards of the Mosel Valley will increase in value under a scenario of global warming, and perhaps by a considerable amount. Vineyard and grape prices increase more than proportionally with greater ripeness, so that we estimate a 3°C increase in temperature would more than double the value of this vineyard area, while a 1°C increase would increase prices by about 20 percent.