Table 7.

Parameter estimation results of no-information treatment.

Variable	Bids of Trial 1 to 3 in Group A (AWTA)			Bids of Trial 1 to 3 in Group B (BWTA)
	Coefficient	Std. Err	P > |t|	Coefficient	Std. Err	P > |t|
FEMALE	0.0095	0.1272	0.9400	0.1274	0.1239	0.3060
LAGE	0.1736	0.2342	0.4600	0.8797 ***	0.2211	0.0000
MAGE	0.1944	0.3383	0.5667	0.4628 *	0.2761	0.0959
HAGE	0.5188 **	0.2603	0.0481	1.4421 ***	0.3116	0.0000
LEDU	0.5456 ***	0.1961	0.0060	0.0910	0.1970	0.6448
MEDU	0.6035 ***	0.1631	0.0000	0.2033	0.2196	0.3562
HEDU	−0.0622	0.1753	0.7234	−0.3669	0.2938	0.2133
MINCOM	−0.0276	0.1883	0.8835	−0.1279	0.1651	0.4400
HINCOM	−0.2772 **	0.1387	0.0480	−0.4286 ***	0.1421	0.0030
KID	0.1324	0.1590	0.4069	0.1985	0.1970	0.3145
CARE	0.1908	0.2885	0.5100	0.6325	0.4539	0.1664
SATISF	−0.0552	0.1659	0.7400	−0.4070 ***	0.1490	0.0070
LKNOW	1.0407 ***	0.2529	0.0000	−0.1371	0.3113	0.6600
HKNOW	1.6495 ***	0.3023	0.0000	−0.2872	0.3265	0.3809
CONSTANT	0.0261	0.4379	0.9348	2.4098	0.6157	0.0000
σ	0.3604	0.0526	—	0.6249	0.0491	—
N	150			148

*, ** and *** denote significance at 10%, 5%, and 1% levels, respectively.