A mock trial setting provides a superb opportunity for students to apply their economic knowledge. This format utilizes a team approach in which parties representing the plaintiff and defense provide calculations of economic damages, which are presented before a jury. Because this exercise...

The gap between willingness-to-pay (WTP) and willingness-to-accept (WTA) benefit values typifies situations in which reference points — and direction of movement from reference points — are consequential. Why WTA-WTP discrepancies arise is not well understood. We generalize models of...