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In economics, willingness to accept (WTA) is the minimum monetary amount that а person is willing to accept to sell a good or service, or to bear a negative externality, such as pollution. [1] This is in contrast to willingness to pay ( WTP ), which is the maximum amount of money a consumer (a buyer ) is willing to sacrifice to purchase a good ...
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.
Volition, also known as will or conation, is the cognitive process by which an individual decides on and commits to a particular course of action. It is defined as purposive striving and is one of the primary human psychological functions.
Willingness to communicate (WTC) was originally conceptualised for first language acquisition, and seeks to demonstrate the probability that a speaker will choose to participate in a conversation of their own volition (McCroskey & Baer 1985, cited in MacIntyre et al., 1998).
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.
Courage (also called bravery, valour (British and Commonwealth English), or valor (American English)) is the choice and willingness to confront agony, pain, danger, uncertainty, or intimidation. Valor is courage or bravery, especially in battle.
Credulity is a person's willingness or ability to believe that a statement is true, especially on minimal or uncertain evidence. [1] [2] Credulity is not necessarily a belief in something that may be false: the subject of the belief may even be correct, but a credulous person will believe it without good evidence.
Will, within philosophy, is a faculty of the mind.Will is important as one of the parts of the mind, along with reason and understanding.It is considered central to the field of ethics because of its role in enabling deliberate action.