Riccardo Vecchio, Azzurra Annunziata
Abstract
We evaluate the effects of monetary and nonmonetary endowments on willingness to pay (WTP) bids in Becker–DeGroot–Marschak (BDM) experimental auctions. Results indicate that subjects provided with a monetary endowment bid more than those that received a nonmonetary endowment.
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We evaluate the effects of monetary and nonmonetary endowments on willingness to pay (WTP) bids in Becker–DeGroot–Marschak (BDM) experimental auctions. Results indicate that subjects provided with a monetary endowment bid more than those that received a nonmonetary endowment.
Key concepts: Economics, Endowment, Common value auction, Endowment effect, Willingness to pay, Microeconomics, Epistemology, Philosophy