Willingness to accept (WTA) is usually substantially higher than willingness to pay (WTP).
These constructs have been studied for roughly 30 years and with a wide variety of goods …

Abstract The 1999 Regional Haze Rule provides a context for this review of visibility, the
science that describes it, and the use of that science in regulatory guidance. The scientific …

How can consumers be encouraged to take better care of public goods? Across four studies,
including two experiments in the field and three documenting actual behaviors, the authors …

Most real decisions, unlike those of economics texts, have a status quo alternative—that is,
doing nothing or maintaining one's current or previous decision. A series of decision-making …

Contrary to theoretical expectations, measures of willingness to accept greatly exceed
measures of willingness to pay. This paper reports several experiments that demonstrate …

Economists have invented a game: the ultimatum game. The people who run the game give
some money, on a provisional basis, to the first of two players. The first player is told to offer …

W HEN THE ENVIRONMENTALrevolution arrived in the late 1960s, the economics
profession was ready and waiting. Economists had what they saw as a coherent and …

Indifference curves are normally taken to indicate corresponding tradeoffs of goods A for B
or B for A over the same interval:" the rate of commodity substitution at a point on an …

Aside from possible income effects, measures of the maximum amounts people will pay to
avoid a loss and the minimum compensation necessary for them to accept it are generally …

American constitutional law is at a crossroads. In a major new interpretation of the
Constitution, Cass Sunstein offers a clear account of our present dilemmas and shows …