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Rodolfo M. Nayga, Jr., Wipon Aiew and Richard Woodward
''Experiments on the Divergence between Willingness to Pay and Willingness to Accept: The Issue Revisited''
( 2005, Vol. 17 No.4 )
Many empirical studies have discovered large discrepancies between willingness to pay (WTP) and willingness to accept (WTA) measures. This paper revisits the WTP and WTA divergence issue using a non-hypothetical market experiment, actual products, cash, and exchange in a market setting. We find WTA/WTP ratios that are significantly lower than most such studies.
JEL: Q0 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics: General
Manuscript Received : Nov 03 2004 Manuscript Accepted : Jan 28 2005

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