The willingness to pay - willingness to accept gap, the "endowment effect", subject misconceptions, and experimental procedures for eliciting valuations: Comment

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Isoni, Andrea, Loomes, Graham and Sugden, Robert (2011) The willingness to pay - willingness to accept gap, the "endowment effect", subject misconceptions, and experimental procedures for eliciting valuations: Comment. American Economic Review, 101 (2). pp. 991-1011. ISSN 0002-8282

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Abstract

Plott and Zeiler (2005) report that the willingness-to-pay/willingness-to-accept disparity is absent for mugs in a particular experimental setting, designed to neutralize misconceptions about the procedures used to elicit valuations. This result has received sustained attention in the literature. However, other data from that same study, not published in that paper, exhibit a significant and persistent disparity when the same experimental procedures are applied to lotteries. We report new data confirming both results, thereby suggesting that the presence or absence of a disparity may be a more complex issue than some may have supposed.

Item Type:	Article
Faculty \ School:	Faculty of Social Sciences > School of Economics
UEA Research Groups:	Faculty of Social Sciences > Research Groups > Economic Theory Faculty of Social Sciences > Research Centres > Centre for Behavioural and Experimental Social Sciences Faculty of Social Sciences > Research Centres > Centre for Competition Policy Faculty of Social Sciences > Research Groups > Behavioural Economics
Related URLs:	https://www.jstor.org/stable/29783698
Depositing User:	Gina Neff
Date Deposited:	17 Jan 2011 15:52
Last Modified:	25 Jun 2024 10:30
URI:	https://ueaeprints.uea.ac.uk/id/eprint/19357
DOI:	10.1257/aer.101.2.991

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