Kling, Catherine Louise; List, John A.; Zhao, Jinhua - Center for Agricultural and Rural Development (CARD), … - 2003
This study advances, and experimentally tests, a new explanation for the disparity between willingness to pay (WTP) and willingness to accept (WTA)—a dynamic neoclassical theory based on the presence of commitment costs. While to date neoclassical models have not explained the observed...