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. doi:10.1257/aer.101.2.991 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. (JEL C91, D12, D81, D83)

Item Type:	Journal Article
Subjects:	H Social Sciences > HB Economic Theory
Divisions:	Faculty of Social Sciences > Economics
Journal or Publication Title:	American Economic Review
Publisher:	American Economic Association
ISSN:	0002-8282
Official Date:	April 2011
Dates:	Date Event April 2011 Published
Volume:	101
Number:	2
Page Range:	pp. 991-1011
DOI:	10.1257/aer.101.2.991
Status:	Peer Reviewed
Publication Status:	Published
Access rights to Published version:	Restricted or Subscription Access

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