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Is WTP an attitudinal measure? Empirical analysis of the psychological explanation for contingent values

Ryan, Anthony; Spash, Clive

Description

Contingent valuation has been given a psychological interpretation, by Kahneman and colleagues, that claims willingness to pay bids represent psychological attitudes rather than personal economic valuations. Evidence reported here shows the need to qualify the role of this attitudinal explanation. In contradiction to the attitudinal hypothesis, the decision to bid zero or positive appears to represent a complex psychological appraisal. Furthermore, evidence of bid clustering on currency...[Show more]

CollectionsANU Research Publications
Date published: 2011
Type: Journal article
URI: http://hdl.handle.net/1885/62272
Source: Journal of Economic Psychology
DOI: 10.1016/j.joep.2011.07.004

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