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Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/28786
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Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Schmidt, Ulrich | | en_US |
| dc.contributor.author | | Traub, Stefan | | en_US |
| dc.date.accessioned | | 2009-12-11T15:11:57Z | | - |
| dc.date.available | | 2009-12-11T15:11:57Z | | - |
| dc.date.issued | | 2009 | | en_US |
| dc.identifier.citation | | 66 3 229-262 Theory and decision 0040-5833 | | en_US |
| dc.identifier.pi | | doi:10.1007/s11238-007-9062-2 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/28786 | | - |
| 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.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.title | | An experimental investigation of the disparity between WTA and WTP for lotteries | | en_US |
| dc.type | | Article | | en_US |
| dc.identifier.ppn | | 592397769 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | - |
| Appears in Collections: | | Publikationen von Forscherinnen und Forschern des IfW Economists Online
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