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The willingness to pay–willingness to accept gap revisited: The role of emotions and moral satisfaction

Journal article
Authors Anders Biel
Olof Johansson-Stenman
Andreas Nilsson
Published in Journal of Economic Psychology
Volume 32
Issue 6
Pages 908-917
Publication year 2011
Published at Department of Psychology
Department of Economics
Pages 908-917
Language en
Keywords Willingness to pay–willingness to accept gap, Endowment effect, Emotions, Ethics, Experiments
Subject categories Social Sciences, Economics and Business

Abstract

While many earlier studies have found that people’s maximum willingness to pay for having a good is often substantially lower than their minimum willingness to accept not having it, more recent experimental evidence suggests that this discrepancy vanishes for standard consumption goods when an incentive-compatible design without misconceptions is used. This paper hypothesises that there is nevertheless a discrepancy for goods with a perceived moral character, such as contributions to a good cause, and moreover that the reason for this discrepancy can largely be explained by differences in emotions and moral perceptions. The results from a real-money dichotomous-choice experiment, combined with measurements of emotions and morality, are consistent with these hypotheses

Page Manager: Webmaster|Last update: 9/11/2012
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