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Calibration of willingness-to-accept

Author Info

Listed author(s):
  • 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.

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Paper provided by The Field Experiments Website in its series Framed Field Experiments with number 00182.

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Date of creation: 2002
Handle: RePEc:feb:framed:00182
Contact details of provider: Web page: http://www.fieldexperiments.com

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