Environmental Values 9(2000): 481-491. doi: 10.3197/096327100129342164
This paper explores the psychological foundations of the 'Willingness to Pay/Willingness to Accept' discrepancy. Using a qualitative approach we find that the two response modes appear to invoke different strategies for completion. An examination of the heuristics used by respondents to answer questions concerning the buying and selling of the chance to play a straightforward lottery shows that only some could be taken as supporting current theories which aim to explain the discrepancy.
KEYWORDS: Willingness to pay, willingness to accept, heuristics
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