A Review of WTA/WTP Studies¶
Horowitz, J. K., & McConnell, K. E. (2002). A Review of WTA/WTP Studies. Journal of Environmental Economics and Management.
Cited by¶
1 citation across 1 artifact.
Each citation links to the sentence it supports in the citing article.
Domain-specific¶
- Endowment Effect
- Named by Thaler (1980) and given canonical experimental documentation by Kahneman, Knetsch, and Thaler (1990) via the mug experiment — in which subjects randomly assigned coffee mugs demanded a median price of approximately $5.25 to sell them while non-owners offered a median of approximately $2.25 to buy them — the effect produces WTA/WTP ratios typically in the range of 2:1 to 5:1 across goods, subject pools, and stakes
This sourceA review of 45 WTA/WTP studies finding WTA usually substantially above WTP across a wide variety of goods, the ratio rising the less the good resembles an ordinary market good. WTA/WTP ratios that are highest for non-market goods such as environmental goods. A 45-study review finding WTA usually well above WTP, with the ratio highest for non-market goods, lower for ordinary private goods and lowest for money.
Supported in partVerified against the source
- Named by Thaler (1980) and given canonical experimental documentation by Kahneman, Knetsch, and Thaler (1990) via the mug experiment — in which subjects randomly assigned coffee mugs demanded a median price of approximately $5.25 to sell them while non-owners offered a median of approximately $2.25 to buy them — the effect produces WTA/WTP ratios typically in the range of 2:1 to 5:1 across goods, subject pools, and stakes
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