Lookup NU author(s): Emeritus Professor Ken Willis
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This article explores the impact of changing the number and distribution of bid levels on the estimated revenue maximising price for entry to a local cultural good, namely the historic Bosco di Capodimonte park in Naples. Different iterative bid designs produce somewhat different estimates, through their effect on the parameters of the function modelling the demand curve for the good. The impact of bid design depends upon the function used, and the number and sequence of bid levels included or excluded in the design. The greater the number of bid levels, the greater the accuracy in estimating a revenue maximising price. © 2002 Kluwer Academic Publishers.
Author(s): Willis KG
Publication type: Article
Publication status: Published
Journal: Journal of Cultural Economics
Print publication date: 01/01/2002
ISSN (print): 0885-2545
ISSN (electronic): 1573-6997
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