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Calibration of willingness-to-accept

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  • John List
  • Jason Shogren

Abstract

This paper calibrates real and hypothetical willingness-to-accept estimates elicited for consumer goods in a multi-unit, random nth-price auction. Using a within-subject experimental design, we find that people understated their real willingness to accept in the hypothetical regimes, framed both as demand and non-demand revealing. After controlling for personspecific effects, however, hypothetical and real statements are equivalent on the margin.

Suggested Citation

  • John List & Jason Shogren, 2002. "Calibration of willingness-to-accept," Framed Field Experiments 00182, The Field Experiments Website.
    • Handle: RePEc:feb:framed:00182
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