Hypothetical versus real willingness to pay: some experimental results
- 1 March 1997
- journal article
- research article
- Published by Taylor & Francis in Applied Economics Letters
- Vol. 4 (3) , 149-151
- https://doi.org/10.1080/135048597355401
Abstract
The aim of this study was to compare hypothetical and real willingness to pay (WTP) in an experimental setting by eliciting WTP for a private good, a box of chocolates. The experimental subjects were randomly divided into two groups. One group received an open-ended hypothetical WTP question and another group participated in a second-price auction with real payments. The mean WTP was SEK 89.50 (STD 75.37) in the hypothetical payment group and SEK 87.40 (STD 39.47) in the real payment group. The null hypothesis of no difference in the mean WTP between the groups could not be rejected.Keywords
This publication has 2 references indexed in Scilit:
- Hypothetical Surveys and Real Economic CommitmentsLand Economics, 1994
- Experimental EconomicsPublished by Walter de Gruyter GmbH ,1993