search query: @indexterm field research / total: 71
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| Author: | List, J. A. |
| Title: | Substitutability, experience, and the value disparity: evidence from the marketplace |
| Journal: | Journal of Environmental Economics and Management
2004 : MAY, VOL. 47:3, p. 486-509 |
| Index terms: | experience field research incentives markets |
| Language: | eng |
| Abstract: | It is suggested that important disparities exist between willigness to pay and compensation demanded for the same good. These results, which contradict closely held economic doctrines, have led to a call for an entirely new economic paradigm to replace conventional neoclassical theory. This study examines over 350 individual decisions across two incentive-compatible elicitation mechanisms at a well-functioning marketplace. The results suggest that behaviour of individuals with intense experience approaches neoclassical predictions: any observed WTA/WTP disparity amongst this group is negligible. |
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