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Erscheinungsjahr: 
2009
Quellenangabe: 
[Journal:] Theory and Decision [ISSN:] 0040-5833 [Volume:] 66 [Issue:] 3 [Publisher:] Springer [Place:] Heidelberg [Year:] 2009 [Pages:] 229-262
Verlag: 
Springer, Heidelberg
Zusammenfassung: 
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.
Schlagwörter: 
WTA-WTP disparity
lotteries
background risk
contingent valuation
JEL: 
C91
D81
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Article
Dokumentversion: 
Manuscript Version (Preprint)

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