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  2. Willingness to pay - Wikipedia

    en.wikipedia.org/wiki/Willingness_to_pay

    According to the constructed preference view, consumer willingness to pay is a context-sensitive construct; that is, a consumer's WTP for a product depends on the concrete decision context. For example, consumers tend to be willing to pay more for a soft drink in a luxury hotel resort in comparison to a beach bar or a local retail store.

  3. Willingness to accept - Wikipedia

    en.wikipedia.org/wiki/Willingness_to_accept

    Then the willingness to accept is defined by (+,) = (,). [3] That is, the willingness to accept payment in order to put up with the adverse change equates the pre-change utility (on the right side) with the post-change utility, including compensation. In contrast, the willingness to pay is defined by

  4. Value of life - Wikipedia

    en.wikipedia.org/wiki/Value_of_life

    The value of statistical life (VSL) in Singapore was estimated in 2007 via a contingent valuation survey that elicits willingness-to-pay (WTP) for mortality risk reductions, which interviewed 801 Singaporeans and Singapore Permanent Residents aged 40 and above, entailing a value of statistical life of approximately S$850,000 to S$2.05 million ...

  5. Economic surplus - Wikipedia

    en.wikipedia.org/wiki/Economic_surplus

    Consumer surplus is the difference between the maximum price a consumer is willing to pay and the actual price they do pay. If a consumer is willing to pay more for a unit of a good than the current asking price, they are getting more benefit from the purchased product than they would if the price was their maximum willingness to pay.

  6. Becker–DeGroot–Marschak method - Wikipedia

    en.wikipedia.org/wiki/Becker–DeGroot–Marschak...

    The Becker–DeGroot–Marschak method (BDM), named after Gordon M. Becker, Morris H. DeGroot and Jacob Marschak for the 1964 Behavioral Science paper, "Measuring Utility by a Single-Response Sequential Method" is an incentive-compatible procedure used in experimental economics to measure willingness to pay (WTP).

  7. Samuelson condition - Wikipedia

    en.wikipedia.org/wiki/Samuelson_condition

    The sum of the marginal benefits represent the aggregate willingness to pay or aggregate demand. The marginal cost is, under competitive market conditions, the supply for public goods. Hence the Samuelson condition can be thought of as a generalization of supply and demand concepts from private to public goods.

  8. Mental accounting - Wikipedia

    en.wikipedia.org/wiki/Mental_accounting

    An example of mental accounting is people's willingness to pay more for goods when using credit cards than if they are paying with cash. [1] This phenomenon is referred to as payment decoupling. Mental accounting (or psychological accounting ) is a model of consumer behaviour developed by Richard Thaler that attempts to describe the process ...

  9. Reservation price - Wikipedia

    en.wikipedia.org/wiki/Reservation_price

    In economics, a reservation (or reserve) price is a limit on the price of a good or a service.On the demand side, it is the highest price that a buyer is willing to pay; on the supply side, it is the lowest price a seller is willing to accept for a good or service.