The WTP/WTA Discrepancy: A Preliminary Qualitative Examination

This paper explores the psychological foundations of the 'Willingness to Pay/Willingness to Accept' discrepancy. Using a qualitative approach we find that the two response modes appear to invoke different strategies for completion. An examination of the heuristics used by respondents to an...

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Bibliographic Details
Published in:	Environmental values Vol. 9; no. 4; pp. 481 - 491
Main Authors:	BURTON, ANTHONY C., CHILTON, SUSAN M., JONES, MARTIN K.
Format:	Journal Article
Language:	English
Published:	White Horse Press 01-11-2000
Series:	Environmental Values
Subjects:	Economic theory FEATURES Heuristics Lotteries Valuation Willingness To Accept Willingness To Pay
Online Access:	Get full text
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Summary:	This paper explores the psychological foundations of the 'Willingness to Pay/Willingness to Accept' discrepancy. Using a qualitative approach we find that the two response modes appear to invoke different strategies for completion. An examination of the heuristics used by respondents to answer questions concerning the buying and selling of the chance to play a straightforward lottery shows that only some could be taken as supporting current theories which aim to explain the discrepancy.
Bibliography:	0963-2719(20001101)9:4L.481;1- (GE) Environmental Sciences ObjectType-Article-2 SourceType-Scholarly Journals-1 ObjectType-Feature-1 content type line 23
ISSN:	0963-2719 1752-7015
DOI:	10.3197/096327100129342164