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This simple classroom experiment demonstrates the existence of starting point bias. Asked to place a dollar value on a … non-market good such as the loss of a limb or the destruction of a wetland, students place a much smaller value on the … large value is originally suggested. This experiment can be used in theory classes to demonstrate the limits of individual …
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This paper analyzes whether the perception of traditional wine brings value to millennials. Based on survey data and experimental auctions (165 participants), this study identifies the main factors affecting this consumer groups’ willingness to pay for traditional wine through a Tobit model...
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