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American Economic Review: Vol. 101 No. 2 (April 2011)
AER Volume. 101, Issue 2 | 
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The Willingness to Pay—Willingness to Accept Gap, the "Endowment Effect," Subject Misconceptions, and Experimental Procedures for Eliciting Valuations: Comment
Article Citation
Isoni, Andrea,
Graham Loomes, and
Robert Sugden. 2011. "The Willingness to Pay—Willingness to Accept Gap, the "Endowment Effect," Subject Misconceptions, and Experimental Procedures for Eliciting Valuations: Comment."
American Economic Review,
101(2): 991-1011.
DOI: 10.1257/aer.101.2.991
DOI: 10.1257/aer.101.2.991
Abstract
Plott and Zeiler (2005) report that the willingness-to-pay/willingness-to-accept disparity is absent for mugs in a particular experimental setting, designed to neutralize misconceptions about the procedures used to elicit valuations. This result has received sustained attention in the literature. However, other data from that same study, not published in that paper, exhibit a significant and persistent disparity when the same experimental procedures are applied to lotteries. We report new data confirming both results, thereby suggesting that the presence or absence of a disparity may be a more complex issue than some may have supposed. (JEL C91, D12, D81, D83)
Article Full-Text Access
Full-text Article
Additional Materials
Download Data Set (1,022.74 KB) | Online Appendix (183.26 KB)
Authors
Isoni, Andrea (U Warwick)
Loomes, Graham (U Warwick)
Sugden, Robert (U East Anglia)
Loomes, Graham (U Warwick)
Sugden, Robert (U East Anglia)
JEL Classifications
C91: Design of Experiments: Laboratory, Individual
D12: Consumer Economics: Empirical Analysis
D81: Criteria for Decision-Making under Risk and Uncertainty
D83: Search; Learning; Information and Knowledge; Communication; Belief
D12: Consumer Economics: Empirical Analysis
D81: Criteria for Decision-Making under Risk and Uncertainty
D83: Search; Learning; Information and Knowledge; Communication; Belief
