Jacek Chudziak, Małgorzata Chudziak
Abstract
We show that willingness to accept (WTA) and willingness to pay (WTP) are particular cases of quasideviation means. Applying this fact we characterize some properties of WTA and WTP related to the experimentally observed disparity between them.
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We show that willingness to accept (WTA) and willingness to pay (WTP) are particular cases of quasideviation means. Applying this fact we characterize some properties of WTA and WTP related to the experimentally observed disparity between them.
Key concepts: Willingness to pay, Mathematics, Willingness to accept, Econometrics, Mathematical economics, Economics, Microeconomics