Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/80267
Authors: 
Bateman, Ian
Kahneman, Daniel
Munro, Alistair
Starmer, Chris
Sugden, Robert
Year of Publication: 
2003
Series/Report no.: 
CSERGE Working Paper EDM 03-07
Abstract: 
This paper reports an exercise in adversarial collaboration. An adversarial collaboration is an investigation carried out jointly by two individuals or research groups who, having proposed conflicting hypotheses, seek to resolve the issue in dispute. The experiment reported was designed to reconcile differences between the apparently conflicting results of two previous experiments, one carried out by Kahneman, the other by the other authors. Specifically, it investigates whether, when consumers consider giving up money in exchange for goods, they construe potential money outlays as losses. This issue bears on the explanation of the widely observed disparity between willingness-to-pay and willingness-to-accept valuations of costs and benefits, which has proved so problematic for contingent valuation studies. The results of the experiment do not decisively resolve the question in dispute, but they are broadly consistent with the hypothesis that money outlays are perceived as losses.
Subjects: 
Adversarial collaboration
loss aversion
reference-dependent preferences
status quo bias
willingness to pay
Document Type: 
Working Paper

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