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An Experimental Investigation of the Disparity Between WTA and WTP for Lotteries

Ulrich Schmidt & Stefan Traub

Theory and Decision 66 (3):229-262 (2009)

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If nudge cannot be applied: a litmus test of the readers’ stance on paternalism. [REVIEW]Chen Li, Zhihua Li & Peter P. Wakker - 2014 - Theory and Decision 76 (3):297-315.details A central question in many debates on paternalism is whether a decision analyst can ever go against the stated preference of a client, even if merely intending to improve the decisions for the client. Using four gedanken-experiments, this paper shows that this central question, so cleverly and aptly avoided by libertarian paternalism (nudge), cannot always be avoided. The four thought experiments, while purely hypothetical, serve to raise and specify the critical arguments in a maximally clear and pure manner. The first (...) Download Export citation Bookmark 2 citations
The effects of uncertainty on the WTA–WTP gap.Robert J. Reilly & Douglas D. Davis - 2015 - Theory and Decision 78 (2):261-272.details We analyze the effects of uncertainty on WTA, WTP and the WTA–WTP gap. Extending the approach of Weber (Econom Lett 80:311–315, 2003) to the case of lotteries, we develop an exact expression for the WTA–WTP gap that allows identification of its magnitude under different utility specifications. Reinterpreting and extending results by Gabillon(Econom Lett 116:157–160, 2012), we also identify generally the relationship between an agent’s utility of income and the gap’s algebraic sign, as well as the effects of risk increases on (...) Download Export citation Bookmark

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