The willingness to pay-willingness to accept gap, the ‘endowment effect,’ subject misconceptions, and experimental procedures for eliciting valuations

Plott (2005) · American Economic Review · Read the paper

Controls for subject misconceptions combined (anonymity, incentive-compatible elicitation, practice and training, modified Becker-DeGroot-Marschak mechanism); experiments with lotteries and mugs; with modified procedures, no gap between WTA and WTP observed.

Controls for subject misconceptions combined (anonymity, incentive-compatible elicitation, practice and training, modified Becker-DeGroot-Marschak mechanism); experiments with lotteries and mugs; with modified procedures, no gap between WTA and WTP observed.

Written from the abstract read 2026-10-12.

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doi:10.1257/0002828054201387. Abstract read: controls for subject misconceptions combined (anonymity, incentive-compatible elicitation, practice and training, modified Becker-DeGroot-Marschak mechanism); experiments with lotteries and mugs; with modified procedures, no gap between WTA and WTP observed.