Auction Winners, Bid Price Endogeneity and Customer Preferences for Bison and Beef

Abstract

We conduct a ground beef versus ground bison consumer preference study. A panel of 91 participants were asked first to blindly sample ground 93% lean bison, 80% lean beef, and 93% lean beef, and report their preferences for each meat's qualities, such as, juiciness and tenderness. Participants were then given the option of participating in a multiproduct, second-price auction.