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Christian-Albrechts-Universität Kiel (CAU) >
Department of Economics, Universität Kiel >
Economics Working Papers, Department of Economics, CAU Kiel >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/22014
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Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Traub, Stefan | | en_US |
| dc.contributor.author | | Schmidt, Ulrich | | en_US |
| dc.date.accessioned | | 2009-01-29T14:13:27Z | | - |
| dc.date.available | | 2009-01-29T14:13:27Z | | - |
| dc.date.issued | | 2006 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/22014 | | - |
| dc.description.abstract | | In this paper we experimentally investigate the disparity between willingness-to-accept (WTA) and willingness-to-pay (WTP) for risky lotteries. The direction of the income effect is reversed by endowing subjects with the highest price of a lottery when asking the WTP question. Our results show that the income effect is too small to be the only source of the disparity. Since the disparity concentrates on a subsample of subjects, parametric and nonparametric tests of the WTA-WTP ratio may lead to contradictory results. The disparity is significantly reduced when background risk is introduced. That is, putting subjects always into a risky position could improve the contingent valuation method which is often concerned with the assessment of risky situations such as health risks, automobile safety, etc. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | Christian-Albrechts-Universität Kiel, Department of Economics Kiel | | en_US |
| dc.relation.ispartofseries | | Economics working paper / Christian-Albrechts-Universität Kiel, Department of Economics 2006,09 | | en_US |
| dc.subject.jel | | C91 | | en_US |
| dc.subject.jel | | D81 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | WTA-WTP disparity | | en_US |
| dc.subject.keyword | | lotteries | | en_US |
| dc.subject.keyword | | background risk | | en_US |
| dc.subject.keyword | | contingent valuation | | en_US |
| dc.subject.stw | | Willingness to pay | | en_US |
| dc.subject.stw | | Glücksspiel | | en_US |
| dc.subject.stw | | Experiment | | en_US |
| dc.subject.stw | | Theorie | | en_US |
| dc.title | | An Experimental Investigation of the Disparity between WTA and WTP for Lotteries | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 516512986 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | - |
| dc.identifier.repec | | RePEc:zbw:cauewp:4760 | | - |
| Appears in Collections: | | Publikationen von Forscherinnen und Forschern des IfW Economists Online Economics Working Papers, Department of Economics, CAU Kiel
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