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| Tekijä: | Mansfield, C. |
| Otsikko: | Despairing over disparities: explaining the difference between willingness to pay and willingness to accept |
| Lehti: | Environmental and Resource Economics
1999 : MAR, VOL. 13:2, p. 219-234 |
| Asiasana: | CONTINGENT VALUATION LOSS PAY |
| Kieli: | eng |
| Tiivistelmä: | This paper examines the three major explanations for the disparity between willingness-to-pay (WTP) and willingness-to-accept (WTA) observed in contingent value surveys and laboratory experiments: a belief that the results must be biased in some fashion, Hanemann's (1991) substitutes hypothesis, and the loss aversion model proposed by Tversky and Kahneman (1991). Starting from the assumption that individuals make utility maximizing choices, the author develops structural equations that yield parametric tests of the hypotheses within a single, non-experimental framework. |
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