Replication data for: The Willingness to Pay—Willingness to Accept Gap, the "Endowment Effect," Subject Misconceptions, and Experimental Procedures for Eliciting Valuations: Comment
Principal Investigator(s): View help for Principal Investigator(s) Andrea Isoni; Graham Loomes; Robert Sugden
Version: View help for Version V1
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Project Citation:
Isoni, Andrea, Loomes, Graham, and Sugden, Robert. Replication data for: The Willingness to Pay—Willingness to Accept Gap, the “Endowment Effect,” Subject Misconceptions, and Experimental Procedures for Eliciting Valuations: Comment. Nashville, TN: American Economic Association [publisher], 2011. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112419V1
Project Description
Summary:
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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)
Scope of Project
JEL Classification:
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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; Unawareness
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; Unawareness
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