The WTP/WTA Discrepancy: A Preliminary Qualitative Examination
AbstractThis paper explores the psychological foundations of the 'Willingness to Pay/Willingness to Accept' discrepancy. Using a qualitative approach we find that the two response modes appear to invoke different strategies for completion. An examination of the heuristics used by respondents to answer questions concerning the buying and selling of the chance to play a straightforward lottery shows that only some could be taken as supporting current theories which aim to explain the discrepancy.
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Bibliographic InfoArticle provided by White Horse Press in its journal Environmental Values.
Volume (Year): 9 (2000)
Issue (Month): 4 (November)
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Web page: http://www.erica.demon.co.uk
willingness to pay; willingness to accept; heuristics;
Find related papers by JEL classification:
- D46 - Microeconomics - - Market Structure and Pricing - - - Value Theory
- Q26 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Recreational Aspects of Natural Resources
- Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
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- Jagadish Guria & Joanne Leung & Michael Jones-Lee & Graham Loomes, 2005. "The Willingness to Accept Value of Statistical Life Relative to the Willingness to Pay Value: Evidence and Policy Implications," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 32(1), pages 113-127, 09.
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