The fixed offer was randomly determined and not based on the actual value of the item (Becker, DeGroot and Marschak (1964)). For sellers, if WTA was less than or equal to the random offer, they gave up their item and received the amount of the random offer. If the WTA was greater, they kept the item. For buyers, if the WTP was greater than or equal to the random offer, they purchased the item for the amount of the random offer. If the WTP was less than the amount of the random offer, they kept their money. Subjects.
