Despairing over disparities: Explaining the difference between willingness to pay and willingness to accept

Environmental and Resource Economics

Volumn 13, Issue 2, 1999, Pages 219-234

  Mansfield, Carol ^a  

^a DUKE UNIVERSITY   (United States)

Author keywords

Contingent valuation survey; Loss aversion; Willingness to accept; Willingness to pay

Indexed keywords

INDUSTRIAL ECONOMICS; MATHEMATICAL MODELS; VALUE ENGINEERING;

CONTINGENT VALUATION SURVEY; WILLINGNESS TO ACCEPT; WILLINGNESS TO PAY;

ENVIRONMENTAL PROTECTION;

CONTINGENT VALUATION; ENVIRONMENTAL ECONOMICS; THEORETICAL STUDY; WILLINGNESS TO PAY;

EID: 0033015091     PISSN: 09246460     EISSN: None     Source Type: Journal    
DOI: 10.1023/A:1008246228773     Document Type: Article

References (26)

1. Adamowicz, W. L., V. Bharduaj and B. Macnab (1993), 'Experiments on the Difference between Willingness to Pay and Willingness to Accept', Land Economics 69(4), 416-427.
2. Andreoni, J. (1995), 'Cooperation in Public Goods Experiments: Kindness and Confusion', The American Economic Review 85(4), 891-904.
3. Bishop, R. C., and T. A. Heberlein (1990), 'The Contingent Valuation Method', in R. L. Johnson and G. V. Johnson, eds., Economic Valuation of Natural Resources: Issues, Theory, and Applications. Boulder, CO: Westview Press.
4. Bohm, P. (1984), 'Revealing Demand for an Actual Public Good', Journal of Public Economics 24(2), 135-151.
5. Boyce, R. R., T. C. Brown, G. H. McClelland, G. L. Peterson, and W. D. Schulze (1992), 'An Experimental Examination of Intrinsic Values as a Cause of the WTA-WTP Disparity', The American Economic Review 82(5), 1366-1373.
6. Brookshire, D. S. and D. L. Coursey (1987), 'Measuring the Value of a Public Good: An Empirical Comparison of Elicitation Procedures', The American Economic Review 77(4), 554-565.
7. Crocker, T. D. and J. F. Shogren (1991), 'Preference Learning and Contingent Valuation Methods', in F. J. Dietz, F. van der Ploeg and J. van der Straaten, eds., Environmental Policy and the Economy. Amsterdam: North-Holland.
8. Deaton, A. (1984), 'Demand Analysis', in Z. Griliches and M. D. Intriligator, eds., Handbook of Econometrics, Vol. 3. Amsterdam: North-Holland.
9. Fisher, A., G. H. McClelland and W. D. Schulze (1988), 'Measures of Willingness to Pay versus Willingness to Accept: Evidence, Explanations and Potential Reconciliation', in G. L. Peterson, B. L. Driver and R. Gregory, eds., Amenity Resource Valuation: Integrating Economics with Other Disciplines. State College, PA: Venture.
10. Franciosi, R., Kujal, R. M. and Smith, V. (1993), 'Experimental Tests of The Endowment Effect', manuscript, University of Arizona Economic Science Laboratory.
11. Hanemann, W. M. (1991), 'Willingness to Pay and Willingness to Accept: How Much Can They Differ?' The American Economic Review 81(3), 635-647.
12. Hartman, R. S., M. J. Doane and C. K. Woo (1991), 'Consumer Rationality and the Status Quo', Quarterly Journal of Economics 106(1), 141-162.
13. Hoehn, J. P. and A. Randall (1987), 'A Satisfactory Benefit Cost Indicator from Contingent Valuation', Journal of Environmental Economics and Management 14, 226-247.
14. Horowitz, J., K. E. McConnell and J. Quiggin (1996), 'WTP/WTA Differentials: A Test of Competing Explanations', paper presented at the Allied Social Science Association Meetings.
15. Kahneman, D., J. Knetsch and R. Thaler (1990), 'Experimental Tests of the Endowment Effect and the Coase Theorem', Journal of Political Economy 98(6), 1325-1348.
16. Knetsch, J. L. (1989), 'The Endowment Effect and Evidence of Nonreversible Indifference Curves', The American Economic Review 79(5), 1277-1284.
17. Krosnick, J. A. (1991), 'Response Strategies for Coping with the Cognitive Demands of Attitude Measures in Surveys', Applied Cognitive Psychology 5, 213-236.
18. Mansfield, C. A. (1994), 'Despairing Over Disparities: An Empirical Analysis of the Difference Between Willingness to Pay and Willingness to Accept', PhD Thesis, University of Maryland.
19. Morey, E. R. (1985), 'Characteristics, Consumer Surplus, and New Activities', Journal of Public Economics 26(2), 221-236.
20. NOAA Panel on Contingent Valuation, Federal Register Vol. 58, No. 10 (January 15, 1993), 4601-4614.
21. Randall, A. and J. R. Stoll (1980), 'Consumer's Surplus in Commodity Space', The American Economic Review 71(3), 449-457.
22. Shogren, J. F., S. Y. Shin, D. J. Hayes and J. B. Kliebenstein (1994), 'Resolving Differences in Willingness to Pay and Willingness to Accept', The American Economic Review 84(1), 255-270.
23. Tiao, G. C. and A. S. Goldberger (1962), 'Testing Equality of Individual Regression Coefficients', Social Systems Research Institute, University of Wisconsin, WEBH Paper 620.
24. Tversky, A. and D. Kahneman (1991), 'Loss Aversion in Riskless Choice: A Reference-Dependent Model', Quarterly Journal of Economics 106(4), 1039-1061.
25. Viscusi, W. K. and W. N, Evans (1990), 'Utility Functions that Depend on Health Status: Estimates and Economics Implications', The American Economic Review 80(3), 353-374.
26. Willig, R. (1976), 'Consumer's Surplus Without Apology', The American Economic Review 66(4), 589-597.