The Willingness to Pay-Willingness to Accept Gap, the "Endowment Effect," Subject Misconceptions, and Experimental Procedures for Eliciting Valuations

We conduct experiments to explore the possibility that subject misconceptions, as opposed to a particular theory of preferences referred to as the "endowment effect," account for reported gaps between willingness to pay ("WTP") and willingness to accept ("WTA"). The lit...

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Bibliographic Details
Published in:	The American economic review Vol. 95; no. 3; pp. 530 - 545
Main Authors:	Plott, Charles R., Zeiler, Kathryn
Format:	Journal Article
Language:	English
Published:	Nashville American Economic Association 01.06.2005
Subjects:	Behavioral decision theory Coffee mugs Consumer behaviour Consumption theory Data analysis Design Economic theory Elicitation Endowment Endowment effect Expectation gap Experiment design Experimental economics Experimental procedures Experiments Lotteries Mechanism design Methodology Misconception Misconceptions Null hypothesis Property Prospect theory Robustness Statistical median Studies Valuation Willingness to pay United States > US
ISSN:	0002-8282, 1944-7981
Online Access:	Get full text
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