We hypothesise and confirm a novel empirical result concerning the willingness to accept (WTA)-willingness to pay (WTP) disparity. Employing data from what has become the classic experimental design, we reveal systematic variation in the relative magnitudes of three valuations: WTA, WTP and...

We present a novel experimental method for investigating consumer choice. The Surplus Identification (S-ID) task is inspired by studies of detection in perceptual psychophysics. It employs a forced-choice procedure, in which participants must decide whether a novel product is worth more or less...

Two laboratory studies investigated the effect of price transparency on consumers' decision-making in the residential electricity market. The first tested whether consumers have difficulties when confronted with unit prices expressed as discounts from standard rates, which vary between...

The unique characteristics of Brian O'Driscoll's international rugby career provide a rare opportunity to obtain a measure of the impact of an individual player on the outcome of a team game. Generally, small samples and selection bias make such estimates unreliable. O'Driscoll, however, was an...

We critically examine and empirically test the hypothesis that the strong socioeconomic gradients characterising attendance at arts events result from similar gradients in preferences for the arts, in line with existing theories of demand for the arts derived from orthodox consumer theory. To...

We present evidence from two experiments designed to quantify the impact of cognitive constraints on consumers' ability to identify surpluses. Participants made repeated forced-choice decisions about whether products conferred surpluses, comparing one or two plainly perceptible attributes...