An Experimental Validation of Hypothetical WTP for a Recyclable Product |
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| Authors: | Eva Camacho-Cuena Aurora García-Gallego Nikolaos Georgantzís Gerardo Sabater-Grande |
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| Affiliation: | (1) Economics Department and LEE/LINEEX, Universitat Jaume I, Castellón, Spain;(2) Economics Department, Universitat Jaume I, Campus Riu Sec, 12071 Castellóon, Spain |
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| Abstract: | Using a within-subject experiment, we compare hypothetical andreal willingness to pay (WTP) for an improvement in therecyclability of a product. Subjects are faced with a real paymentscenario after they have responded to a hypothetical question.Contrary to most of the results obtained in similar studies, at apopulation level, there are no significant median differencesbetween actual and hypothetical stated values of WTP. However,within-subject comparisons between hypothetical and actual valuesindicate that subjects stating a low (high) hypothetical WTP tendto underestimate (overestimate) the value of their actualcontributions. |
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| Keywords: | contingent valuation laboratory experiments product design product recyclability vertical differentiation willingness to pay |
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