Reference Dependence Effects on WTA and WTP Value Functions and Their Disparity
نویسندگان
چکیده
منابع مشابه
Value and Outcome Uncertainty as Explanations for the WTA vs WTP Disparity: Theory and Experimental Evidence
This paper contributes to the widespread discussion of the sources of the divergence between WTA and WTP values. The paper reports on theoretical and empirical investigations which show that value and outcome uncertainty offer an explanation for this disparity. Given a set of hypotheses generated by the theory, the paper investigates the disparity using an inducedvalue experimental laboratory s...
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We propose a new explanation for the WTP/WTA disparity in experiments and surveys. Uncertainty, irreversibility and limited learning opportunities can generate commitment costs, driving a wedge between WTP and WTA. We present experimental evidence that supports our hypothesis. 2001 Elsevier Science B.V. All rights reserved.
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This paper contributes to the widespread discussion of the sources of the divergence between WTA and WTP values. The theoretical and empirical investigations show that value and outcome uncertainty offer an explanation for this disparity. Given a set of hypotheses generated by the theory, the paper investigates the disparity using an induced-value experimental laboratory setting. The incentive-...
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15 صفحه اولThe selectivity effect of past experience on purchasing decisions: Implications for the WTA–WTP disparity
When consumers are not fully cognizant of the value of a good, they use their experience to estimate its value. Their past experience is selective if it only contains transactions that were carried out but not potential transactions that were not implemented. Failing to account for this selectivity may result in biased estimates of the post-purchase value. This paper presents a bounded rational...
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ژورنال
عنوان ژورنال: Environmental and Resource Economics
سال: 2015
ISSN: 0924-6460,1573-1502
DOI: 10.1007/s10640-015-9920-2