How High is Our Willingness to Pay? Asymmetric Information

Sebastian Oetzel () and Andreas Luppold ()
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Sebastian Oetzel: Hochschule Fulda – University of Applied Sciences

Chapter Chapter 3 in 33 Phenomena of Purchasing Decisions, 2024, pp 11-16 from Springer

Abstract: Abstract This chapter presents various methods for eliciting willingness to pay, demonstrates that a second-price auction and the Becker-DeGroot-Marschak mechanism are incentive-compatible methods for eliciting willingness to pay, and summarizes scientific studies that investigate the validity of the various methods for eliciting willingness to pay.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-658-44799-1_3

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DOI: 10.1007/978-3-658-44799-1_3

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