A dynamic explanation of the willingness to pay and willingness to accept disparity
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Author
Contributions
- List, John A., 1968- - Contributor
- Zhao, Jinhua, 1966- - Contributor
- National Bureau of Economic Research - Contributor
Publication
2010 - National Bureau of Economic Research, Cambridge, MA, Massachusetts
Language
English
Word Count
0 words, Guess
Page Count
0 pages
Physical Format
Electronic resource
Identifiers
- Library of Congress Control Number2011655681
- Open LibraryOL24834978M
Classifications
- LCCHB1
Description
"Evidence from laboratory experiments suggests that important disparities exist between willingness to pay (WTP) and compensation demanded for the same good. This study advances, and experimentally tests, a new explanation of the WTP/WTA disparity-a dynamic theory based on the presence of commitment costs. We find that the commitment cost theory combined with a simple behavioral anomaly is able to lend insights into the causes and severity of the WTA/WTP disparity. Further, we find that market experience attenuates the behavioral anomaly, consistent with the notion that no value disparity exists for agents with sufficient market experience"--National Bureau of Economic Research web site.
Subjects
Series Statement
- NBER working paper series -- working paper 16483
- Working paper series (National Bureau of Economic Research : Online) -- working paper no. 16483.
Other Editions
- A dynamic explanation of the willingness to pay and willingness to accept disparity
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