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Experimental Economics and the New Commodities Problem

Walter Diewert (), Kevin Fox () and Paul Schreyer working papers from Vancouver School of Economics

Abstract: Brynjolfsson, Collis, Diewert, Eggers and Fox (2018) have used experimental economics to measure the welfare benefits of free commodities. In this paper, their methodological approach is adapted to measuring the benefits of new commodities which may or may not be free. Their approach leads to a new method for estimating Hicksian reservation prices. The new methodology in the present paper requires experimental estimates for household willingness to pay for new commodities or estimates for the compensation required for households to give up their use of a new commodity.

JEL-codes: C43 D11 D60 E01 E31 O31 O47 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mac
Date: 2019-03-13, Revised 2019-03-13
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