We present an experimental study of the lattice-induced light shifts on the (1)S(0) --> (3)P(0) optical clock transition (nu(clock) approximately 518 THz) in neutral ytterbium. The "magic" frequency nu(magic) for the 174Yb isotope was determined to be 394 799 475(35) MHz, which leads to a first order light shift uncertainty of 0.38 Hz. We also investigated the hyperpolarizability shifts due to the nearby 6s6p(3)P(0) --> 6s8p(3)P(0), 6s8p(3)P(2), and 6s5f(3)F(2) two-photon resonances at 759.708, 754.23, and 764.95 nm, respectively. By measuring the corresponding clock transition shifts near these two-photon resonances, the hyperpolarizability shift was estimated to be 170(33) mHz for a linear polarized, 50 microK deep, lattice at the magic wavelength. These results indicate that the differential polarizability and hyperpolarizability frequency shift uncertainties in a Yb lattice clock could be held to well below 10(-17).