Experiments on the divergence between willingness to pay and willingness to accept

The issue revisited

Rodolfo M. Nayga, Jr, Richard Woodward, Wipon Aiew

Research output: Contribution to journalArticle

1 Citation (Scopus)

Abstract

Many empirical studies have discovered large discrepancies between willingness to pay (WTP) and willingness to accept (WTA) measures. This paper revisits the WTP and WTA divergence issue using a non-hypothetical market experiment, actual products, cash, and exchange in a market setting. We find WTA/WTP ratios that are significantly lower than most such studies.

Original languageEnglish
JournalEconomics Bulletin
Volume17
Issue number1
Publication statusPublished - 2005 Dec 1
Externally publishedYes

Fingerprint

Willingness-to-pay
Willingness to accept
Divergence
Experiment
Discrepancy
Empirical study
Cash
Market experiments

ASJC Scopus subject areas

  • Economics, Econometrics and Finance(all)

Cite this

Experiments on the divergence between willingness to pay and willingness to accept : The issue revisited. / Nayga, Jr, Rodolfo M.; Woodward, Richard; Aiew, Wipon.

In: Economics Bulletin, Vol. 17, No. 1, 01.12.2005.

Research output: Contribution to journalArticle

Nayga, Jr, Rodolfo M. ; Woodward, Richard ; Aiew, Wipon. / Experiments on the divergence between willingness to pay and willingness to accept : The issue revisited. In: Economics Bulletin. 2005 ; Vol. 17, No. 1.
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