Evidence from laboratory experiments suggests that important disparities exist between willingness to pay (WTP) and compensation demanded for the same good. This study advances, and experimentally tests, a new explanation of the WTP/WTA disparity--a dynamic theory based on the presence of...

A commonly observed feature of visitation data, elicited via a survey instrument, is a greaterpropensity for individuals to report trip numbers that are multiples of 5's, relative to otherpossible integers (such as 3 or 6). One explanation of this phenomenon is that some surveyrespondents have...