Calibration of Willingness-to-Accept

  title={Calibration of Willingness-to-Accept},
  author={John A. List and Jason F. Shogren},
This paper calibrates real and hypothetical willingness-to-accept estimates elicited for consumer goods in a multi-unit, random nth-price auction. Using a within-subject experimental design, we find that people understated their real willingness to accept in the hypothetical regimes, framed both as demand and non-demand revealing. After controlling for personspecific effects, however, hypothetical and real statements are equivalent on the margin. Ž . 2001 Elsevier Science USA 
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