Agents' evaluations and the disparity in measures of economic loss |
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| Affiliation: | 1. Center for Bio-Integrated Electronics (CBIE), Northwestern University, Evanston, IL 60208, USA;2. Department of Materials Science and Engineering, Northwestern University, Evanston, IL 60208, USA;3. Frederick Seitz Materials Research Laboratory, Department of Materials Science and Engineering, University of Illinois at Urbana−Champaign, Urbana, IL 61801, USA;4. Departments of Biomedical Engineering, Neurological Surgery, Chemistry, Mechanical Engineering, Electrical Engineering, and Computer Science, Simpson Querrey Institute for Nano/biotechnology, Northwestern University, Evanston, IL 60208, USA;1. Department of Mathematics, Beijing Jiaotong University, Beijing, China;2. Department of Mathematics and Physics, Beijing Institute of Petrochemical Technology, Beijing, China;1. Department of Management and Marketing, College of Business, North Dakota State University, NDSU Dept. 2420, P.O. Box 6050, Fargo, ND 58018-6050, USA;2. Keck Graduate Institute (Claremont Colleges), 535 Watson Drive, Claremont, CA 91711, USA |
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| Abstract: | Recent studies have revealed a large and unexpected disparity between willingness-to-pay and compensation-demanded measures of economic loss. Further evidence of this difference is presented here, together with the results of a series of survey and real money exchange experiments which indicate that when advisors evaluate entitlements on behalf of third parties the variation between the measures is far less than is shown by individuals acting on their own behalf. Given the wide dependence on agents, a finding that they may weigh losses differently from people they act for suggests that agents' choices may compromise welfare positions. |
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