New Explanation for the Wtp/Wta Disparity (A)
AbstractWe propose a new explanation for the WTP/WTA disparity in experiments and surveys. Uncertainty, irreversibility and limited learning opportunities can generate commitment costs, driving a wedge between WTP and WTA. We present experimental evidence that supports our hypothesis.
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Bibliographic InfoPaper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 5113.
Date of creation: 01 Nov 2001
Date of revision:
Publication status: Published in Economics Letters, November 2001, vol. 73, pp. 293-300
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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
Web page: http://www.econ.iastate.edu
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- Carson, Richard T & Groves, Theodore, 2010.
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- Sayman, Serdar & Onculer, Ayse, 2005. "Effects of study design characteristics on the WTA-WTP disparity: A meta analytical framework," Journal of Economic Psychology, Elsevier, vol. 26(2), pages 289-312, April.
- Venkatachalam, L., 2008. "Behavioral economics for environmental policy," Ecological Economics, Elsevier, vol. 67(4), pages 640-645, November.
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- Tsur, Matan, 2008. "The selectivity effect of past experience on purchasing decisions: Implications for the WTA-WTP disparity," Journal of Economic Psychology, Elsevier, vol. 29(5), pages 739-746, November.
- Jayson Lusk & John Fox, 2003. "Value elicitation in laboratory and retail environments," Framed Field Experiments 00185, The Field Experiments Website.
- Krüger, Niclas A. & Svensson, Mikael, 2009. "The impact of real options on willingness to pay for mortality risk reductions," Journal of Health Economics, Elsevier, vol. 28(3), pages 563-569, May.
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