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Reference Dependence Effects on WTA and WTP Value Functions and Their Disparity

机译：参考依赖对WTA和WTP值函数的影响及其差异

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摘要

In this study we investigate two reference dependence effects in a choice experiment. The first is the effect of the well-known distinction between gains and losses, the second is the effect of changing the reference value on willingness to pay (WTP) and willingness to accept (WTA). The latter has to our knowledge not been studied before. We hypothesize that there are differences between WTA and WTP, and that both value functions and their disparity are affected by the absolute value of the reference point. We test our hypotheses using a choice experiment with trade-offs between changes in flood probabilities and costs. The choice experiments elicit WTP and WTA, using two flood probability reference values, yielding four separate value functions. Our findings show that a substantial WTA-WTP disparity exists, and that this disparity increases when moving away from the reference point. Also, both WTA and WTP value functions are affected by the flood probability reference value, and the WTA-WTP disparity increases when the flood probability reference point increases. Both findings suggest that welfare effects caused by changes in public good provision depend not only on the direction of change (loss aversion), but also the reference value. Moreover, our results show that the latter effect is larger for losses than for gains. We introduce the concept of reference point updating as a possible explanation for these findings.
机译：在这项研究中，我们研究了选择实验中的两个参考依赖效应。第一个是收益与损失之间众所周知的区别的影响，第二个是更改参考值对支付意愿（WTP）和接受意愿（WTA）的影响。就我们所知，后者尚未被研究过。我们假设WTA和WTP之间存在差异，并且值函数及其差异都受参考点的绝对值影响。我们使用选择实验来检验假设，并在洪水概率和成本之间进行权衡。选择实验使用两个泛洪概率参考值得出WTP和WTA，产生四个单独的值函数。我们的发现表明，存在很大的WTA-WTP差异，并且当远离参考点时，该差异会增加。此外，WTA和WTP值函数均受洪泛概率参考值的影响，并且当洪泛概率参考点增加时，WTA-WTP差异也会增加。两项发现都表明，由公共物品供给的变化引起的福利影响不仅取决于变化的方向（规避损失），而且还取决于参考值。此外，我们的结果表明，亏损带来的影响要大于收益带来的影响。我们介绍参考点更新的概念，作为对这些发现的可能解释。

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