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dc.contributor.authorSchmidt, Ulrichen
dc.contributor.authorTraub, Stefanen
dc.date.accessioned2009-12-11T15:11:57Z-
dc.date.available2009-12-11T15:11:57Z-
dc.date.issued2009-
dc.identifier.citation|aTheory and Decision|c0040-5833|v66|h3|nSpringer|lHeidelberg|y2009|p229-262en
dc.identifier.pidoi:10.1007/s11238-007-9062-2en
dc.identifier.urihttp://hdl.handle.net/10419/28786-
dc.description.abstractIn 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
dc.language.isoengen
dc.publisher|aSpringer |cHeidelbergen
dc.subject.jelC91en
dc.subject.jelD81en
dc.subject.ddc330en
dc.subject.keywordWTA-WTP disparityen
dc.subject.keywordlotteriesen
dc.subject.keywordbackground risken
dc.subject.keywordcontingent valuationen
dc.titleAn experimental investigation of the disparity between WTA and WTP for lotteries-
dc.typeArticleen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:ifwkie:28786en
dc.identifier.printppn592397769en
dc.date.issuedonline2009en
dc.publisher.online|aZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft |cKiel, Hamburgen
econstor.documentversionManuscript Version (Preprint)en
econstor.citation.journaltitleTheory and Decisionen
econstor.citation.issn0040-5833en
econstor.citation.volume66en
econstor.citation.issue3en
econstor.citation.publisherSpringeren
econstor.citation.publisherplaceHeidelbergen
econstor.citation.year2009en
econstor.citation.startpage229en
econstor.citation.endpage262en

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