We 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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Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number
5113.
Length: Date of creation: 01 Mar 2002 Date of revision: Publication status: Published in Economics Letters, November 2001, Vol. 73, pp. 293-300. Handle: RePEc:isu:genres:5113
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