The willingness to pay-willingness to accept gap, the ‘endowment effect,’ subject misconceptions, and experimental procedures for eliciting valuations: reply
All mug data reject endowment effect theory; lottery gaps associated with unstable attitudes toward uncertainty; lottery outcome beliefs influenced by whether WTP or WTA is reported.
All mug data reject endowment effect theory; lottery gaps associated with unstable attitudes toward uncertainty; lottery outcome beliefs influenced by whether WTP or WTA is reported.
Written from the abstract read 2026-10-12.
What our sources record
Reproduced as it was written when this source was checked, figures and all.
doi:10.1257/aer.101.2.1012. Abstract read: all mug data reject endowment effect theory; lottery gaps associated with unstable attitudes toward uncertainty; lottery outcome beliefs influenced by whether WTP or WTA is reported.