Hypothetical and actual cash willingness to pay (WTP) for an art print were elicited with dichotomous choice and open-ended question formats. Comparing hypothetical and actual dichotomous choice responses using both a likelihood ratio test and the method of convolutions suggests we reject...

Independent samples and paired responses of adults were used to test differences between hypothetical and actual willingness to pay (WTP) for an art print elicited using an open-ended WTP question. We attempted to overcome hypothesized reasons for divergences between cash and hypothetical WTP by...

Subjects valued environmental goods using a response mode expressing willingness to pay as a multiplier or divider of a purported "budgetary unit." Hypothetical willingness to pay was found to be highly dependent on the size of the budgetary unit. Rejecting two other interpretations, we believe...