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| Rousu, Matthew C.; Beach, Robert H.; Corrigan, Jay R.. |
| Basic economic theory predicts that a consumer's willingness to pay for a good is affected by the presence of complements and substitutes. In an auction setting, this theory implies that the presence of complements would increase bid prices for a good, while the presence of substitutes would decrease bid prices for a good. However, several experimental auction studies have sold complementary or substitutable products without regard for the effects these actions could have on bidding behavior. Using data from an experimental auction specifically designed to test the effect of complements and substitutes on bids, we used both unconditional tests and conditional tests where we derived demand flexibilities to analyze whether selling complementary and... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Research Methods/ Statistical Methods. |
| Ano: 2005 |
URL: http://purl.umn.edu/19513 |
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| Corrigan, Jay R.. |
| This paper analyzes the effect that potential future availability of information has on willingness to pay in a contingent market characterized by uncertainty and irreversibility. In particular, I test whether the effect is consistent with the predictions of Zhao and Kling's (forthcoming) theory of commitment cost. The analysis is performed using the results of a contingent valuation study designed to estimate the degree to which local residents value improved water quality in Clear Lake, a spring-fed, glacial lake located in north-central Iowa. The results show that willingness to pay is highly sensitive to the potential for future learning. Offering survey respondents the opportunity to delay their purchasing decision until more information is available... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Commitment cost; Contingent valuation; Real options; Demand and Price Analysis. |
| Ano: 2001 |
URL: http://purl.umn.edu/18568 |
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| Corrigan, Jay R.; Kling, Catherine L.; Zhao, Jinhua. |
| In a static setting, willingness to pay for an environmental improvement is equal to compensating variation. However, in a dynamic setting characterized by uncertainty, irreversibility, and the potential for learning, willingness to pay may also contain an option value. In this paper, we incorporate the dynamic nature of the value formulation process into a study using a contingent valuation method, designed to measure the value local residents assign to a north-central Iowa lake. Our results show that willingness to pay is highly sensitive to the potential for future learning. Respondents offered the opportunity to delay their purchasing decisions until more information became available were willing to pay significantly less for improved water quality... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Clear Lake; Contingent valuation; Water quality; Willingness to pay; Demand and Price Analysis. |
| Ano: 2003 |
URL: http://purl.umn.edu/18546 |
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