Willingness-to-pay and willingness-to-accept for risky and ambiguous lotteries |
| |
Authors: | Roselies Eisenberger Martin Weber |
| |
Institution: | 1. Lehrstuhl für ABWL, Finanzwirtschaft, insb. Bankbetriebslehre, Universit?t Mannheim, L 5, 2, 68131, Mannheim, Germany
|
| |
Abstract: | Former studies have shown that people tend to give buying prices that are lower than selling prices. In our study, we investigate if this willingness-to-accept and willingness-to-pay disparity is affected by ambiguity. Using a Becker, DeGroot, and Marschak procedure, we elicit buying, selling, short-selling, and short-buying prices. The results indicate that subjects clearly distinguish between risky and ambiguous lotteries and the different ways in which lotteries are framed. However, the average WTA/WTP ratios are remarkably close for all lotteries considered, as well as for negative and positive framing. |
| |
Keywords: | |
本文献已被 SpringerLink 等数据库收录! |
|