Calibration of Willingness-to-Accept

摘要

This paper calibrates real and hypothetical willingness-to-accept estimates elicited for consumer goods in a multi-unit, random nth-price auction. Using a within-subject experimen- tal design, we find that people understated their real willingness to accept in the hypothetical regimes, framed both as demand and non-demand revealing. After controlling for person- specific effects, however, hypothetical and real statements are equivalent on the margin.