The willingness to pay-willingness to accept gap revisited: The role of emotions and moral satisfaction
(2011) In Journal of Economic Psychology 32(6). p.908-917- Abstract
- While many earlier studies have found that people's maximum willingness to pay for having a good is often substantially lower than their minimum willingness to accept not having it, more recent experimental evidence suggests that this discrepancy vanishes for standard consumption goods when an incentive-compatible design without misconceptions is used. This paper hypothesises that there is nevertheless a discrepancy for goods with a perceived moral character, such as contributions to a good cause, and moreover that the reason for this discrepancy can largely be explained by differences in emotions and moral perceptions. The results from a real-money dichotomous-choice experiment, combined with measurements of emotions and morality, are... (More)
- While many earlier studies have found that people's maximum willingness to pay for having a good is often substantially lower than their minimum willingness to accept not having it, more recent experimental evidence suggests that this discrepancy vanishes for standard consumption goods when an incentive-compatible design without misconceptions is used. This paper hypothesises that there is nevertheless a discrepancy for goods with a perceived moral character, such as contributions to a good cause, and moreover that the reason for this discrepancy can largely be explained by differences in emotions and moral perceptions. The results from a real-money dichotomous-choice experiment, combined with measurements of emotions and morality, are consistent with these hypotheses. (C) 2011 Elsevier B.V. All rights reserved. (Less)
Please use this url to cite or link to this publication:
https://lup.lub.lu.se/record/4448524
- author
- Biel, A ; Johansson-Stenman, O and Nilsson, A
- publishing date
- 2011
- type
- Contribution to journal
- publication status
- published
- subject
- keywords
- Willingness to pay-willingness to accept gap, Endowment effect, Emotions, Ethics, Experiments
- in
- Journal of Economic Psychology
- volume
- 32
- issue
- 6
- pages
- 908 - 917
- publisher
- Elsevier
- external identifiers
-
- scopus:80052827684
- ISSN
- 1872-7719
- DOI
- 10.1016/j.joep.2011.07.010
- language
- English
- LU publication?
- no
- id
- cec69229-c57b-4946-8b2d-e05a9fb4f598 (old id 4448524)
- date added to LUP
- 2016-04-01 10:20:42
- date last changed
- 2022-02-02 08:53:44
@article{cec69229-c57b-4946-8b2d-e05a9fb4f598,
abstract = {{While many earlier studies have found that people's maximum willingness to pay for having a good is often substantially lower than their minimum willingness to accept not having it, more recent experimental evidence suggests that this discrepancy vanishes for standard consumption goods when an incentive-compatible design without misconceptions is used. This paper hypothesises that there is nevertheless a discrepancy for goods with a perceived moral character, such as contributions to a good cause, and moreover that the reason for this discrepancy can largely be explained by differences in emotions and moral perceptions. The results from a real-money dichotomous-choice experiment, combined with measurements of emotions and morality, are consistent with these hypotheses. (C) 2011 Elsevier B.V. All rights reserved.}},
author = {{Biel, A and Johansson-Stenman, O and Nilsson, A}},
issn = {{1872-7719}},
keywords = {{Willingness to pay-willingness to accept gap; Endowment effect; Emotions; Ethics; Experiments}},
language = {{eng}},
number = {{6}},
pages = {{908--917}},
publisher = {{Elsevier}},
series = {{Journal of Economic Psychology}},
title = {{The willingness to pay-willingness to accept gap revisited: The role of emotions and moral satisfaction}},
url = {{http://dx.doi.org/10.1016/j.joep.2011.07.010}},
doi = {{10.1016/j.joep.2011.07.010}},
volume = {{32}},
year = {{2011}},
}