Willingness-to-pay and willingness-to-accept for risky and ambiguous lotteries

Eisenberger, Roselies ; Weber, Martin

DOI: https://doi.org/10.1007/BF01207552
URL: https://link.springer.com/article/10.1007/BF012075...
Additional URL: https://www.jstor.org/stable/41760767
Document Type: Article
Year of publication: 1995
The title of a journal, publication series: Journal of Risk and Uncertainty
Volume: 10
Issue number: 5
Page range: 223-233
Place of publication: New York, NY [u.a.]
Publishing house: Springer
ISSN: 0895-5646 , 1573-0476
Publication language: English
Institution: Business School > ABWL u. Finanzwirtschaft, insbes. Bankbetriebslehre (Weber 1993-2017)
Subject: 150 Psychology
330 Economics
Classification: JEL: D81,
Keywords (English): ambiguity , endowment , experimental economics
Abstract: Former studies have shown that people tend to give buying prices that are lower than selling prices. In our study, we investigate if this willingness-to-accept and willingness-to-pay disparity is affected by ambiguity. Using a Becket, DeGroot, and Marschak procedure, we elicit buying, selling, short-selling, and short-buying prices. The results indicate that subjects clearly distinguish between risky and ambiguous lotteries and the different ways in which lotteries are framed. However, the average WTA/WTP ratios are remarkably close for all lotteries considered, as well as for negative and positive framing.

Dieser Eintrag ist Teil der Universitätsbibliographie.

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