Experimental methods in economics respond to circumstances that are not completely dictated by accepted theory or outstanding problems. While the field of economics makes sharp distinctions and produces precise theory, the work of experimental economics sometimes appear blurred and may produce...

The emergence of empirical evidence suggesting divergence between the willingness- to-accept (WTA), for the sale of an object, and the willingness-to-pay (WTP), for the purchase of an object, has resulted in two explanations. Further they argue that the endowment effect will not apply when the...