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https://hdl.handle.net/10419/28786
Kompletter Metadatensatz
DublinCore-Feld | Wert | Sprache |
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dc.contributor.author | Schmidt, Ulrich | en |
dc.contributor.author | Traub, Stefan | en |
dc.date.accessioned | 2009-12-11T15:11:57Z | - |
dc.date.available | 2009-12-11T15:11:57Z | - |
dc.date.issued | 2009 | - |
dc.identifier.citation | |aTheory and Decision|c0040-5833|v66|h3|nSpringer|lHeidelberg|y2009|p229-262 | en |
dc.identifier.pi | doi:10.1007/s11238-007-9062-2 | en |
dc.identifier.uri | http://hdl.handle.net/10419/28786 | - |
dc.description.abstract | In this paper we experimentally investigate the disparity between willingness-to-accept (WTA) and willingness-to-pay (WTP) for risky lotteries. The direction of the income effect is reversed by endowing subjects with the highest price of a lottery when asking the WTP question. Our results show that the income effect is too small to be the only source of the disparity. Since the disparity concentrates on a subsample of subjects, parametric and nonparametric tests of the WTA-WTP ratio may lead to contradictory results. The disparity is significantly reduced when background risk is introduced. That is, putting subjects always into a risky position could improve the contingent valuation method, which is often concerned with the assessment of risky situations such as health risks, automobile safety, etc. | en |
dc.language.iso | eng | en |
dc.publisher | |aSpringer |cHeidelberg | en |
dc.subject.jel | C91 | en |
dc.subject.jel | D81 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | WTA-WTP disparity | en |
dc.subject.keyword | lotteries | en |
dc.subject.keyword | background risk | en |
dc.subject.keyword | contingent valuation | en |
dc.title | An experimental investigation of the disparity between WTA and WTP for lotteries | - |
dc.type | Article | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
dc.identifier.repec | RePEc:zbw:ifwkie:28786 | en |
dc.identifier.printppn | 592397769 | en |
dc.date.issuedonline | 2009 | en |
dc.publisher.online | |aZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft |cKiel, Hamburg | en |
econstor.documentversion | Manuscript Version (Preprint) | en |
econstor.citation.journaltitle | Theory and Decision | en |
econstor.citation.issn | 0040-5833 | en |
econstor.citation.volume | 66 | en |
econstor.citation.issue | 3 | en |
econstor.citation.publisher | Springer | en |
econstor.citation.publisherplace | Heidelberg | en |
econstor.citation.year | 2009 | en |
econstor.citation.startpage | 229 | en |
econstor.citation.endpage | 262 | en |
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