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  • The three not-so-wise manoeuvres behind willingness-to-pay calculations

    Author(s)
    Muurlink, Olav
    Griffith University Author(s)
    Muurlink, Olav T.
    Year published
    2013
    Metadata
    Show full item record
    Abstract
    Economists seek to value entities that the lay public describe as 'invaluable' or 'priceless' by extrapolating values from responses probing willingness to pay for probabilistic or partial variants of those entities. This paper explores willingness to pay (WTP) and willingness to accept (WTA) from the perspective of psychology, arguing that both techniques depend on the rigour of human cognition, a rigour which is generally and systematically absent in the lay public.Economists seek to value entities that the lay public describe as 'invaluable' or 'priceless' by extrapolating values from responses probing willingness to pay for probabilistic or partial variants of those entities. This paper explores willingness to pay (WTP) and willingness to accept (WTA) from the perspective of psychology, arguing that both techniques depend on the rigour of human cognition, a rigour which is generally and systematically absent in the lay public.
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    Journal Title
    Interdisciplinary Journal of Economics and Business Law
    Volume
    2
    Issue
    4
    Publisher URI
    http://www.ijebl.co.uk/ijebl_abstracts.html
    Copyright Statement
    Self-archiving of the author-manuscript version is not yet supported by this journal. Please refer to the journal link for access to the definitive, published version or contact the author for more information.
    Subject
    Industrial and Organisational Psychology
    Decision Making
    Publication URI
    http://hdl.handle.net/10072/55665
    Collection
    • Journal articles

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