Calibration of willingness-to-accept

John List and Jason Shogren

Framed Field Experiments from The Field Experiments Website

Abstract: This paper calibrates real and hypothetical willingness-to-accept estimates elicited for consumer goods in a multi-unit, random nth-price auction. Using a within-subject experimental design, we find that people understated their real willingness to accept in the hypothetical regimes, framed both as demand and non-demand revealing. After controlling for personspecific effects, however, hypothetical and real statements are equivalent on the margin.

Date: 2002
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Journal Article: Calibration of Willingness-to-Accept (2002)
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Persistent link: https://EconPapers.repec.org/RePEc:feb:framed:00182

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