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Willingness-to-Pay and Willingness-to-Accept for Risky and Ambiguous Lotteries

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  • Eisenberger, Roselies
  • Weber, Martin

Abstract

Former studies have shown that people tend to give buying prices that are lower than selling prices. In our study, we investigate if this willingness-to-accept and willingness-to-pay disparity is affected by ambiguity. Using a Becker, DeGroot, and Marschak procedure, we elicit buying, selling, short-selling, and short-buying prices. The results indicate that subjects clearly distinguish between risky and ambiguous lotteries and the different ways in which lotteries are framed. However, the average WTA/WTP ratios are remarkably close for all lotteries considered, as well as for negative and positive framing. Copyright 1995 by Kluwer Academic Publishers

Suggested Citation

  • Eisenberger, Roselies & Weber, Martin, 1995. "Willingness-to-Pay and Willingness-to-Accept for Risky and Ambiguous Lotteries," Journal of Risk and Uncertainty, Springer, vol. 10(3), pages 223-233, May.
    • Handle: RePEc:kap:jrisku:v:10:y:1995:i:3:p:223-33
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