A dynamic explanation of the willingness to pay and willingness to accept disparity

A dynamic explanation of the willingness to pay and willingness to accept disparity

by Catherine L. Kling

Book 16483 of NBER working paper series -- working paper

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"Evidence from laboratory experiments suggests that important disparities exist between willingness to pay (WTP) and compensation demanded for the same good. This study advances, and experimentally tests, a new explanation of the WTP/WTA disparity-a dynamic theory based on the presence of commitment costs. We find that the commitment cost theory combined with a simple behavioral anomaly is able to lend insights into the causes and severity of the WTA/WTP disparity. Further, we find that market experience attenuates the behavioral anomaly, consistent with the notion that no value disparity exists for agents with sufficient market experience"--National Bureau of Economic Research web site.

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