Auction mechanisms and the measurement of WTP and WTA
✍ Scribed by Jason F Shogren; Sungwon Cho; Cannon Koo; John List; Changwon Park; Pablo Polo; Robert Wilhelmi
- Book ID
- 117629111
- Publisher
- Elsevier Science
- Year
- 2001
- Tongue
- English
- Weight
- 349 KB
- Volume
- 23
- Category
- Article
- ISSN
- 0928-7655
No coin nor oath required. For personal study only.
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## Abstract Four studies demonstrated robust within‐ and between‐subject differences in willingness‐to‐pay (WTP) and willingness‐to‐accept (WTA) measures of the value of lottery tickets. Buyers and sellers attended to different numerical cues and interpreted the same numbers differently when settin
A host of studies have shown that respondents typically provide larger values re¯ecting their willingness to accept compensation (WTA) for the loss of a product than amounts they would be willing to pay (WTP) to acquire the same product (Knetsch and Sniden, 1984;Cummings, Brookshire, and Schulze, 19