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1. What is an experimental auction? Why do researchers use experimental auction instead of hypothetical...

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1. What is an experimental auction? Why do researchers use experimental auction instead of hypothetical survey to elicit consumers' willingness to pay for a new product? Suppose in a 4th price auction of a native plant, the participants bid $10.23, $2.99, $1.99, S2.50, $4.56, $0.99, $5.89, $8.56, $2.25, $15.00. What is the market price for the native plant in the auction? Who is/are the winner/winners

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