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Understanding the disparity between WTP and WTA: endowment effect, substitutability, or imprecise preferences?

1998; Elsevier BV; Volume: 59; Issue: 2 Linguagem: Inglês

10.1016/s0165-1765(98)00049-4

1873-7374

Gwendolyn C. Morrison,

Experimental Behavioral Economics Studies

Although it is now generally accepted that willingness-to-accept exceeds willingness-to-pay, disagreement remains as to why. This disparity is shown to persist even when controlling for learning, substitutability, and respondents' imprecision, thus lending further support for the endowment effect.