Resolving Differences in Willingness to Pay and Willingness to Accept: Reply

Jason Shogren and Dermot Hayes

ISU General Staff Papers from Iowa State University, Department of Economics

Abstract: Gwendolyn C. Morrison (1997) raises a logical point regarding our experimental test of the divergence between willingness to pay (WTP) and willingness to accept (WTA) measures of economic value (Shogren et al., 1994). She argues that our design does not provide a true test of the existence of a fundamental endowment effect since we did not control for the potential of a pivoting indifference map (Daniel Kahneman et al., 1990). She concludes that even though our ev- idence shows that the mean WTP and WTA bids for market goods with close substitutes (e.g., candy bars and coffee mugs) converge after market experience, the endowment effect might still be alive and well, albeit at statisti- cally insignificant levels

Date: 1997-03-01
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (28)

Downloads: (external link)
https://dr.lib.iastate.edu/server/api/core/bitstre ... 92f817171c7c/content
Our link check indicates that this URL is bad, the error code is: 403 Forbidden

Related works:
Journal Article: Resolving Differences in Willingness to Pay and Willingness to Accept: Reply (1997)
Working Paper: Resolving Differences in Willingness to Pay and Willingness to Accept: Reply (1997)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:isu:genstf:199703010800001006

Access Statistics for this paper

More papers in ISU General Staff Papers from Iowa State University, Department of Economics Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070. Contact information at EDIRC.
Bibliographic data for series maintained by Curtis Balmer ().