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Publication Information

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Title: Value learning and the willingness to accept - willingness to pay disparity

Author: Kingsley, David C.; Brown, Thomas C.;

Date: 2013

Source: Economics Letters. 120: 473-476.

Publication Series: Scientific Journal (JRNL)

Description: The assumption that individual preferences are rational and consistent with standard economic theory is often appropriate, but may be optimistic if consumers are uncertain about either their preferences or how the market operates. Both sources of uncertainty may present themselves in lab experiments exploring the well-known disparity between individuals' willingness to accept and willingness to pay. This paper explores the role of value uncertainty in the observed disparity, and finds that providing subjects with a value learning opportunity can reduce the value disparity to insignificance.

Keywords: discovered preference hypothesis, value uncertainty, value learning, willingness to accept-willingness to pay disparity, paired comparison experiments

Publication Notes:

  • We recommend that you also print this page and attach it to the printout of the article, to retain the full citation information.
  • This article was written and prepared by U.S. Government employees on official time, and is therefore in the public domain.



Kingsley, David C.; Brown, Thomas C. 2013. Value learning and the willingness to accept - willingness to pay disparity. Economics Letters. 120: 473-476.


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