The effects of uncertainty on the WTA-WTP gap

DOI10.1007/S11238-014-9414-7MaRDI QIDQ2353571zbMATH OpenOpenAlexFDO

Authors Robert J. Reilly, Douglas D. Davis

Publication date 15 July 2015

Published in Theory and Decision (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1007/s11238-014-9414-7

zbMATH Keywords

expected utility theorywillingness to paycompensating variationequivalent variationwillingness to accept

Mathematics Subject Classification ID

Utility theory (91B16)

Recommendations

• On a disparity between willingness to pay and willingness to accept under the rank-dependent utility model
• Imprecise preferences and the WTP-WTA disparity
• Willingness-to-pay and willingness-to-accept for risky and ambiguous lotteries
• A review of WTA/WTP studies
• Money matters: an axiomatic theory of the endowment effect

Cites work

• An exact relation between willingness to pay and willingness to accept
• One theory for two different risk premia
• Prospect Theory: An Analysis of Decision under Risk
• Risk Aversion in the Small and in the Large
• Willingness-to-pay and willingness-to-accept for risky and ambiguous lotteries

Cited in

(3)

• Empirical evaluation of third-generation prospect theory
• On a disparity between willingness to pay and willingness to accept under the rank-dependent utility model
• Imprecise preferences and the WTP-WTA disparity

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