Published April 2011
| Published
Journal Article
Open
The Willingness to Pay - Willingness to Accept Gap, the "Endowment Effect," Subject Misconceptions, and Experimental Procedures for Eliciting Valuations: Reply
- Creators
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Plott, Charles R.
- Zeiler, Kathryn
Abstract
The purpose of Plott and Zeiler (2005)-henceforth, PZ-was to investigate whether previously published experiments using consumption goods such as mugs and candy bars to measure gaps between willingness to pay (WTP) and willingness to-accept (WTA) support endowment effect theory (EET). Our results demonstrate that the gap for commodities can be turned on and off by implementing procedures designed to control for subject misconceptions about the value elicitation procedures.
Additional Information
© 2011 American Economic Association. Thanks to workshop participants at Temple University and University of Texas-Austin Law Schools and the Georgetown University McDonough School of Business.Attached Files
Published - The_Willingness_to_Pay_Willingness_to_accept.pdf
Files
The_Willingness_to_Pay_Willingness_to_accept.pdf
Files
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Additional details
- Eprint ID
- 43530
- Resolver ID
- CaltechAUTHORS:20140128-103340679
- Created
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2014-01-29Created from EPrint's datestamp field
- Updated
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2019-10-03Created from EPrint's last_modified field