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The Willingness to Pay - Willingness to Accept Gap, the "Endowment Effect," Subject Misconceptions, and Experimental Procedures for Eliciting Valuations: Reply

Plott, Charles R. and Zeiler, Kathryn (2011) The Willingness to Pay - Willingness to Accept Gap, the "Endowment Effect," Subject Misconceptions, and Experimental Procedures for Eliciting Valuations: Reply. American Economic Review, 101 (2). pp. 1012-1028. ISSN 0002-8282. https://resolver.caltech.edu/CaltechAUTHORS:20140128-103340679

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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.


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http://www.jstor.org/stable/29783699PublisherArticle
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.
Issue or Number:2
Record Number:CaltechAUTHORS:20140128-103340679
Persistent URL:https://resolver.caltech.edu/CaltechAUTHORS:20140128-103340679
Official Citation: The Willingness to Pay—Willingness to Accept Gap, the "Endowment Effect," Subject Misconceptions, and Experimental Procedures for Eliciting Valuations: Reply Charles R. Plott and Kathryn Zeiler The American Economic Review Vol. 101, No. 2 (APRIL 2011) , pp. 1012-1028 Published by: American Economic Association Stable URL: http://www.jstor.org/stable/29783699
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:43530
Collection:CaltechAUTHORS
Deposited By: Susan Vite
Deposited On:29 Jan 2014 17:26
Last Modified:03 Oct 2019 06:08

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