Estimating willingness to pay by risk adjustment mechanism

被引：2

作者：

Park, Joo Heon ^{[1
]}

MacLachlan, Douglas L. ^{[2
]}

机构：

[1] Dongduk Womens Univ, Dept Econ, Seoul 136714, South Korea

[2] Univ Washington, Michael G Foster Sch Business, Seattle, WA 98195 USA

来源：

APPLIED ECONOMICS | 2013年 / 45卷 / 01期

关键词：

purchase decisions; willingness to pay; contigent valuation method; adjustment mechanism; CONTINGENT VALUATION DATA; COHERENT ARBITRARINESS; PREFERENCE UNCERTAINTY; DICHOTOMOUS CHOICE; RESPONDENTS;

D O I：

10.1080/00036846.2011.568404

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Measuring consumers' Willingness To Pay (WTP) without considering the level of uncertainty in valuation and the consequent risk premiums will result in estimates that are biased toward lower values. This research proposes a model and method for correctly assessing WTP in cases involving valuation uncertainty. The new method, called Risk Adjustment Mechanism (RAM), is presented theoretically and demonstrated empirically. It is shown that the RAM outperforms the traditional method for assessing WTP, especially in a context of a nonmarket good such as a totally new product.

引用

页码：37 / 46

页数：10

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