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However,theconceptualizationofWTPisambiguous,andthisambiguityisreflectedacrossexistingmethodsofmeasuringWTPTheauthorsfirstpresentaformal mathematicalframeworkthatclarifiesWTPasadistributionalideaof“willingnesstopay”(WTP)Theirgoalistoachieveefficiency,ortomaximizewealth,and WTPisthemetricforassessingbothefficiencyandwealthOftenthatgoalistakenforgranted,butitisreasonableforcriticstoask:Whyshouldanyonecareabout WTP?IntroductionPDFWeconductanempiricalstudytoassesstherelevanceofcommonmethodsusedtosurveyconsumers’willingnesstopay(WTP)from ByAndreaIsoni,GrahamLoomes,andRobertSugden*ChristophBreidert,MichaelHahsler,ThomasReuttererRevealedpreferencemethodsPublished Business,EconomicsWillingnesstopay(WTP)isametricthatiswidelyvaluedandutilizedamongbothpractitionersandacademicsDriversofWTPDownload referenceworkentryPDFOFMETHODSFORMEASURINGWILLINGNESS-TO-PAYKnowledgeaboutaNinaHeimThefindingthatwillingness-toaccept(WTA)measuresofvaluegreatlyexceedthecorrespondingwillingness-to-paywillingness-to-payforelectricityinthreelow-incomecountriesthathave pocketsofhouseholdslivinginextremepoverty BurkinaFaso,Senegal,andRwanda.Balderjah(np.,)considersvalidestimatesofwilhngness-to-payto Economistsoftenanalyzequestionsoflawandpolicybyreferencetothecriterionofprivatewillingnesstopay(WTP),withthebeliefthatpeople’sWTPfora goodisanaccurateWillingnessToPayvsStatedpreferencemethodsJones3, WillingnesstopayOntheimportanceofvahdestimatesofwillingness-to-pay (WTP)researchersagreewithmanagersadesofstatedpreferenceresearchhasproducedaconsiderablebodyofevidenceshowinglargedifferencesbetween estimatesofwillingnesstopay(WTP)fortheprovisionofagoodandmeasuresofthewillingnesstoaccept(WTA)compensationtoforegothesamegood HypotheticalbiasConsistentThisarticleprovidesthereaderwithasystematicoverviewoftherelevantliteratureonthesecompetingapproachesandassociated schoolsofthought,recognizestheirrespectivemeritsanddiscussesobstaclesandissuesregardingtheiradoptiontomeasuringwillingness-to-payWillingnessto payContingentValuationMethodologyWTPandinvestmentplanningOutlineCVMprocessWhyuseCVM?DisadvantagesofCVMWhentouseCVM?Whocan doCVM?SkillsrequiredforaCVMSurveyHowmuchwillitcost?SurveypreparationStep–SelectAbstractWelfareCassRSunstein*Considerthefollowing casesJones,whoiswealthy,iswillingtopay$1,andnomoreforanewtelevisionsetStefanMatthys