Testing Distributional Dependence in the Becker-DeGroot-Marschak ...

Number of Subjects
11
10
9
8
7
6
5
4
3
2
1
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
Upper Limit of Variance
Figure 1. Paired Histogram of Variance of WTP Elicitations by Instruction
Version
Figure 2. Willingness to Pay in Rounds 1 and 2
Frequency
Panel A. Round 1 WTP (All subjects faced the same triangular distribution, #14.)
8
7
6
5
4
3
2
1
0
0
42
basic instructions
detailed instructions
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
5.5
6
6.5
7
7.5
8
8.5
9
9.5
10
10.5
11
11.5
12
12.5
13
13.5
14
14.5
15
WTP (in $)
Triangular repeated coming in Round 2
Spiked at $5 coming in Round 2