Many empirical studies have discovered large discrepancies between willingness to pay (WTP) and willingness to accept (WTA) measures. This paper revisits the WTP and WTA divergence issue using a non-hypothetical market experiment, actual products, cash, and exchange in a market setting. We find...

There has been a dramatic increase in market concentration in the retail sector in the United States. Although it is typically assumed that standard supply-side forces of returns to scale are behind this trend, it is also possible that demand-side forces have played a role, i.e., that consumers...

There has been a dramatic increase in market concentration in the retail sector in the United States. Although it is typically assumed that standard supply-side forces of returns to scale are behind this trend, it is also possible that demand-side forces have played a role, i.e., that consumers...

Many empirical studies have discovered large discrepancies between willingness to pay (WTP) and willingness to accept (WTA) measures. This paper revisits the WTP and WTA divergence issue using a non-hypothetical market experiment, actual products, cash, and exchange in a market setting. We find...