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Willingness to pay and willingness to accept: some evidence of an endowment effect

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  • Gwendolyn Morrison

Abstract

The source of the disparity between willingness to pay (WTP) and willingness to accept (WTA) measures of value has been the subject of recent debate in the literature. This paper presents the results of a pilot experiment designed to test whether, contrary to the findings of Shogren et al. (1994), the endowment effect might be a significant source of the WTP/WTA divergence. The results are a direct contradiction of what the substitutability argument would predict and, thus, indicate that the endowment effect cannot yet be dismissed as a possible driving force behind the disparity.

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  • Gwendolyn Morrison, 1997. "Willingness to pay and willingness to accept: some evidence of an endowment effect," Applied Economics, Taylor & Francis Journals, vol. 29(4), pages 411-417.
    • Handle: RePEc:taf:applec:v:29:y:1997:i:4:p:411-417
    DOI: 10.1080/000368497326903
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