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Understanding the WTA–WTP gap: Attitudes, feelings, uncertainty and personality

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Georgantzis, N. and Navarro-Martínez, D. (2010) Understanding the WTA–WTP gap: Attitudes, feelings, uncertainty and personality. Journal of Economic Psychology, 31 (6). pp. 895-907. ISSN 0167-4870

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To link to this item DOI: 10.1016/j.joep.2010.07.004

Abstract/Summary

We present an experiment designed to study the psychological basis for the willingness to accept (WTA)–willingness to pay (WTP) gap. Specifically, we conduct a standard WTA–WTP economic experiment to replicate the gap and include in it five additional instruments to try to follow the psychological processes producing it. These instruments are designed to measure five psychological constructs we consider especially relevant: (1) attitudes, (2) feelings, (3) familiarity with the target good, (4) risk attitudes, and (5) personality. Our results provide important new insights into the psychological foundations of the WTA–WTP disparity, which can be used to organize some major previous results and cast serious doubts on the claim that the gap might be just a consequence of inappropriate experimental practice.

Item Type:Article
Refereed:Yes
Divisions:Faculty of Life Sciences > School of Agriculture, Policy and Development > Economic and Social Sciences Division > Food Economics and Marketing (FEM)
ID Code:34778
Publisher:Elsevier

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