Wu, Shang2014-02-202014-02-202013http://udspace.udel.edu/handle/19716/12876This study compares the willingness to pay (WTP) estimates for a jar of honey from a second price Vickrey auction to the Posted Price setting (also known as the dichotomous choice, or the take-it-or-leave-it) with 115 adult participants. Consumers‘ WTP are about 50% lower in the auction compared to the Posted Price. Several potential explanations are proposed for the difference.Honey -- Prices.Willingness to pay.Auctions.Thesis