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kształcenia dla WNE

EBCL
WNE Centrum
Egzaminacyjnym EBC*L 

WP(26)285. Benefit Transfer and Commodity Measurement Scales: Consequences for Validity and Reliability

Abstrakt

Non-market goods can be measured on cardinal or relative scales. Consider a marsh of two hundred acres, of which twenty acres would be affected by a policy. The same affected area can be measured in cardinal terms (twenty acres) or as a relative proportion (ten percent of the marsh). This seemingly inconsequential transformation can have significant implications for benefit transfer across sites—a simple observation that remains unacknowledged by the literature. This article provides the first theoretical and empirical evaluation of variable measurement conventions within benefit transfer, deriving conditions under which different types of measurement scales are expected to enhance validity and reliability. Theoretical results are illustrated using an application of discrete choice experiments to coastal flood adaptation in two Connecticut (USA) communities. Empirical findings validate expectations from the theoretical model, with both suggesting that transfers over goods measured in relative units may substantially outperform transfers over goods measured in cardinal units.
Ewa Zawojska Robert J. Johnston
http://doi.org.10.26405/WP/WNE/2018/285/026

WP(25)284. Machine learning in algorithmic trading strategy optimization - implementation and efficiency

Abstrakt

The main aim of this paper was to formulate and analyze the machine learning methods, fitted to the strategy parameters optimization specificity. The most important problems are the sensitivity of a strategy performance to little parameter changes and numerous local extrema distributed over the solution space in an irregular way. The methods were designed for the purpose of significant shortening of the computation time, without a substantial loss of a strategy quality. The efficiency of methods was compared for three different pairs of assets in case of moving averages crossover system. The methods operated on the in sample data, containing 20 years of daily prices between 1998 and 2017. The problem was presented for three sets of two assets portfolios. In the first case, a strategy was trading on the SPX and DAX index futures, in the second on the AAPL and MSFT stocks and finally, in the third case on the HGF and CBF commodities futures. The major hypothesis verified in this thesis is that machine learning methods select strategies with evaluation criterion near to the highest one, but in significantly lower execution time than the Exhaustive Search.
Robert Ślepaczuk Przemysław Ryś
http://doi.org.10.26405/WP/WNE/2018/284/025

WP(24)283. A Monte Carlo investigation of the effects of spatial heterogeneity of preferences for discrete choice models

Abstrakt

There are reasons researchers may be interested in accounting for spatial heterogeneity of preferences, including avoiding model misspecification and the resulting bias, and deriving spatial maps of willingness-to-pay (WTP), which are relevant for policy-making and environmental management. We employ a Monte Carlo simulation of three econometric approaches to parametrically account for spatial auto-correlation in discrete choice models. The first is based on the analysis of individual-specific estimates of the mixed logit model. The second extends this model to explicitly account for spatial correlation, instead of simply conditioning individual-specific estimates on population-level distributions and individuals' choices. The third is the geographically weighted multinomial logit model, which incorporates spatial dimensions using geographical weights to estimate location-specific choice models. We analyze the performance of these methods in recovering population-, region- and individual-level preference parameter estimates and implied WTP in the case of spatial autocorrelation. We find that, although ignoring spatial autocorrelation did not significantly bias population-level results of the simple mixed logit model, neither individual-specific estimates nor the geographically weighted multinomial logit model was able to reliably recover the true region- and individual-specific parameters. We show that the spatially-autocorrelated mixed logit proposed in this study is promising and outline possibilities for future development.
Wiktor Budziński Mikołaj Czajkowski
http://doi.org.10.26405/WP/WNE/2018/283/024

WP(23)282. Hypothetical bias and framing effect in the valuation of private consumer goods

Abstrakt

In the laboratory experiment, I examine two behavioral effects: hypothetical bias and the framing effect. I elicited willingness to pay (WTP) for a cosmetic product, and manipulated framing conditions (positive vs. negative attribute framing) and incentives to reveal the actual valuation (hypothetical vs. real). In this case, I demonstrated that hypothetical bias has a significant impact on WTP values; however, the framing effect has no effect on valuation of the product. Similarly, I found no interaction between the two effects. This observation contributes to claims that hypothetical research methods lead to equally reliable data as those based on consequential choices. 

Magdalena Brzozowicz
http://doi.org.10.26405/WP/WNE/2018/282/023

WP(22)281. Publicly funded cultural institutions – a comparative economic valuation study

Abstrakt

Cultural institutions are the main creators of cultural goods and services and are responsible for their accessibility; cultural institutions are also the main beneficiaries of public funds for culture. The aim of this study is to evaluate the division of public resources into different branches of culture that are rooted in political 'adhocism' and historical dependencies. Based on the observed visitations and their costs, a two-stage budgeting model is employed to investigate the change in consumer surplus related to the loss of access to the markets of cinemas, museums, and theatres in Warsaw, the capital city of Poland. The institutions vary in terms of public good characteristics and importance as public bodies, expressed in terms of subsidies. The inclusion of the entire markets of institutions helps to overcome the embedding effect, which affects many single-site valuations. It also enables a comparison between cultural sectors, which is rare in cultural economics. We find that people assign a positive value to the accessibility of all institutions and groups of institutions. However, the estimated value generated by each type of cultural institution is not aligned with the division of subsidies between these markets. For theatres, the total benefits exceed public support. Museums are found to deliver a lower level of benefits to society; the value they generate is outweighed by the subsidies they receive. Cinemas receive little direct support; however, they are valued twice as much as museums. The problem of cultural policy lies in the division of resources, which is much more equal relative to benefits attributed to groups of museums and theatres. At the same time the division between single institutions within all three branches of culture is unequal, with the significant exclusion of non-public institutions.
Aleksandra Wiśniewska Wiktor Budziński Mikołaj Czajkowski
http://doi.org.10.26405/WP/WNE/2018/281/022

WP(21)280. Hybrid choice models vs. endogeneity of indicator variables: a Monte Carlo investigation

Abstrakt

We investigate the problem of endogeneity in the context of hybrid choice (integrated choice and latent variable) models. We first provide a thorough analysis of potential causes of endogeneity and propose a working taxonomy. We demonstrate that although it is widely believed that the hybrid choice framework is devoid of the endogeneity problem, there is no theoretical reason to expect that this is the case. We then demonstrate empirically that the problem exists in the hybrid choice framework too. By conducting a Monte Carlo experiment, we display the extent of the bias resulting from measurement and endogeneity biases. Finally, we propose two novel solutions to address the problem: by explicitly accounting for correlation between structural and discrete choice component error terms (or with random parameters in a utility function), or by introducing additional latent variables. Using simulated data, we demonstrate that these approaches work as expected, that is, they result in unbiased estimates of all model parameters.
Wiktor Budziński Mikołaj Czajkowski
http://doi.org.10.26405/WP/WNE/2018/280/021

WP(20)279. Regulation of Geo-blocking: does it address the problem of low intraEU iTrade?

Abstrakt

The goal of the article is to critically verify and to discuss main areas necessary for increasing intraEU iTrade. To achieve this aim, the legal analysis of the regulation is confronted with the econometric approach identifying the main determinants of cross-border e-commerce. The model is based on data from a survey conducted among 6901 Polish business owners in 2017. Our hypotheses include the following issues: (1) the main barrier of intraEU iTrade is the low level of integration of digital technologies by SMEs; therefore (2) the character of the impact of legal means adopted in the regulation 2018/302 on the development of transnational service provision and entrepreneurship based on e-commerce is doubtful. We argue that the introduction of more and more advanced requirements by EC will only reduce their interest in developing business abroad through cross-border e-commerce and result in losing the opportunities linked to the development of digital economy.
Katarzyna Śledziewska Joanna Mazur, Damian Zieba
http://doi.org.10.26405/WP/WNE/2018/279/020

WP(19)278. Impact of beliefs about negative effects of wind turbines on preference heterogeneity regarding renewable energy development in Poland

Abstrakt

We investigate individuals' preferences for renewable energy development in Poland. Our main objective is to examine whether preferences for avoiding externalities from renewable energy development near respondents' place of residence are influenced by their personal beliefs about the negative effects of wind turbine activity. We focus on attitudes towards wind power because it has had the most dynamic development among all renewable energy sources in Poland. To elicit values on avoiding renewable energy externalities, we use a choice experiment (CE) approach. To conduct our analysis we applied a theoretically robust econometric approach, the hybrid mixed logit model. From our analysis of data from a large sample of the Polish population, we find that beliefs about wind turbine have distinct negative effects on respondents' preferences concerning renewable energy development. Respondents who generally have an opinion about potential wind turbine effects would like to have input on renewable energy development in their neighbourhood. Latent beliefs that wind power is not harmful enhance respondents' preferences for implementing a wind energy project and enhance preferences against solar power development. These beliefs appears to be significantly correlated with respondents' marginal utility of money.
Anna Bartczak Wiktor Budziński Bernadeta Gołębiowska
http://doi.org.10.26405/WP/WNE/2018/278/019

WP(18)277. Why you should not invest in mining endeavour? The efficiency of BTC mining under current market conditions

Abstrakt

The main aim of this paper is to analyse the efficiency of BTC mining under current market conditions. After thorough analysis of initial assumptions concerning the (1) price of mining machine and its effective amortization period, (2) difficulty and hash rate of BTC network, (3) BTC transaction fees and (4) energy costs, we have found that currently BTC mining is not profitable, except for some rare cases. The main reason of this phenomenon is the fast and unpredictable increase of difficulty of BTC network over time which results in decreasing participation of our mining machines in BTC network hash rate. The research is augmented with detailed sensitivity analysis of mining efficiency to initial parameters assumptions, which allows to observe that the conditions for BTC mining to be efficient and profitable are very challenging to meet.
Robert Ślepaczuk Paweł Sakowski Małgorzata Jabłczyńska, Krzysztof Kosc, Przemysław Ryś, Grzegorz Zakrzewski
http://doi.org.10.26405/WP/WNE/2018/277/018

WP(17)276. Are demand shocks in Bitcoin contagious?

Abstrakt

The main aim of this paper is to examine interdependencies between prices of cryptocurrencies, with the special focus on Bitcoin. The analysis is conducted in two stages and results are compared between two consequent sub-periods. In order to analyze topological properties of cryptocurrency market, the Minimum-Spanning Tree technique is used. Results indicate that Bitcoin plays one of the most important roles in the cryptocurrency market, while other cryptocurrencies form clusters and such forming has a sensible economic interpretation. In the second stage, main cryptocurrencies from each of formed clusters are analyzed using the Vector Autoregression methodology. The results from VAR (1) indicate that demand shocks in Bitcoin price are not contagious to other cryptocurrencies, while some interdependencies within the formed clusters may be observed. Overall, results indicate that conclusions drawn from the analysis of Bitcoin shall not be generalized to the entire cryptocurrency market.
Katarzyna Śledziewska Damian Zięba
https://doi.org.10.26405/WP/WNE/2018/276/017

WP(16)275. What accounts for the rise of low self-rated health during the recent economic crisis in Europe?

Abstrakt

This study examines how different economic mechanisms affected low self-rated health (SRH) in Europe over the recent crisis period (2008−2011). We use balanced panel data for covering 26 European countries and 43 456 participants coming from the longitudinal 2011 European Union Statistics on Income and Living Conditions (EU-SILC) database. Over-time increases in low SRH incidence are decomposed into the contributions of changes in the distribution of covariates and changes in returns to the covariates. Results show that low SRH incidence increased in Europe during the crisis by almost 2 percentage points (3.7 percentage points in case of the Baltic countries). Decomposition analysis shows that: 1) decreasing household incomes and changing income distribution had no impact on low SRH incidence, 2) rise of material deprivation accounts for 12% of the overall growth in low SRH rates (27% for the Baltic countries), 3) decreasing levels of full-time and part-time employment as well as transitions to unemployment, economic inactivity, disability, or retirement account jointly for about 21% of the rise in low SRH in Europe (73% for Baltic countries).
Michał Brzeziński
https://doi.org.10.26405/WP/WNE/2018/275/016

WP(15)274. Top incomes and subjective well-being

Abstrakt

We use data from the World Wealth & Income Database, the European Values Surveys and World Values Surveys to estimate the relationship between top income shares and subjective well-being in a sample of 35 countries observed between 1980s and 2010s (139 surveys and more than 200,000 respondents). Results show that top 1% income shares are positively associated with happiness, but not with life satisfaction. The effect is present in a subsample of Western countries. We discuss possible explanations for the positive association between top income shares and happiness.
Michał Brzeziński
http://doi.org.10.26405/WP/WNE2018/274/015

WP(14)273. Moving beyond the contingent valuation versus choice experiment debate – Presentation effects in stated preference

Abstrakt

We reexamine the literature comparing "contingent valuation" ("CV") and "choice experiments" ("CEs") in terms of stated preference design features, and empirically investigate an understudied dimension in these comparisons, namely presentation effects. Structured analysis of the literature suggests that the comparisons of "CV" and "CEs" as broad descriptive terms may mask the many design and methodological differences seen in implementations of the approaches. In the empirical component, we find preference disclosure to be unaffected by text and table presentation formats in elicitation tasks, except when only the first task is considered. Implications of our findings for stated preference research are discussed.
Ewa Zawojska Patrick Lloyd-Smith, Wiktor L. Adamowicz
http://doi.org.10.26405/WP/WNE/2018/273/014

WP(13)272. Social norms and pro-environment behaviours: heterogeneous response to signals

Abstrakt

Previous research on pro-environment behaviours demonstrated an effect of communicating social norms to subjects. In this paper, we extend this work by isolating the effects of information about (i) the absolute level (strength) of the norm (ii) its geographic proximity (iii) whether the norm is stated in relative terms. We also show how previous pro-environmental behaviours interact with social norm information. The context is a stated preference choice experiment on recycling behaviours by households in Poland. The main finding to emerge is that social norm effects on preferences seem to be very context-dependent; there is no evidence of generalizable effects which would be useful to policy designers.
Mikołaj Czajkowski Katarzyna Zagórska Nick Hanley
http://doi.org.10.26405/WP/WNE/2018/272/013

WP(12)271. Drift-diffusion models: a direct verification

Abstrakt

I conduct a laboratory experiment aimed at verifying the drift-diffusion model. The subjects are shown a sequence of noisy signals of the difference in cash value of two options. Every realization of the signal was costly and the subjects could stop observing it and make their decision at any point. As the cost of the signal, the expected value of each option, the standard deviation of these values and the actual values were systematically varied across 200 rounds, several predictions of the model could be put to a test. In all but one case these predictions were correct.
Michał Krawczyk
https://doi.org.10.26405/WP/WNE/2018/271/012

WP(11)270. Recreational Value of the Baltic Sea: a Spatially Explicit Site Choice Model Accounting for Environmental Conditions

Abstrakt

The Baltic Sea plays a significant role for recreational use in the nine littoral countries with more than 70% of the population visiting the coast, representing some 80 million recreation visits annually. Understanding the values associated with coastal recreation and the potential welfare changes of improving the state of the Baltic Sea is important for managing the marine environment. We estimate a spatially explicit travel cost model of coastal site recreation to the Baltic Sea to assess the welfare of accessing individual sites, identify recreational hotspots and simulate the welfare changes resulting from improving environmental and infrastructure conditions. The total benefits associated with the Baltic Sea based recreation amount to 11.4 billion EUR per year with significant variation across sites. Improving water quality and infrastructure boost the recreational value by nearly 9 billion EUR, almost doubling the recreational benefits compared to current conditions.
Mikołaj Czajkowski Wiktor Budziński Katarzyna Zagórska Marianne Zandersen, Uzma Aslam, Ioannis Angelidis, Thomas Becker
http://doi.org.10.26405/WP/WNE/2018/270/011

WP(10)269. Corporate governance, tax evasion and business cycles

Abstrakt

We develop an agency model of corporate tax evasion and auditing by a residual claimant government and embed it to a macroeconomic environment characterised by credit constraints. In our economy, tax auditing by the government reduces the information asymmetry between lenders and entrepreneurs with an investment opportunity. Corporate governance quality consequently affects macroeconomic variables; with changes in tax rates, auditing and quality of corporate governance having aggregate effects. We show that changes in the revenue system; tax and audit rates, can directly affect asset prices and inflate the effects of exogenous shocks to the economy.
Gilbert Mbara Ryszard Kokoszczyński
http://doi.org.10.26405/WP/WNE/2018/269/010

WP(9)268. Momentum and contrarian effects on the cryptocurrency market

Abstrakt

We report the results of investigation of the momentum and contrarian effects on cryptocurrency markets. The investigated investment strategies involve 100 (amongst over 1200 present as of date Nov 2017) cryptocurrencies with the largest market cap and average 14-day daily volume exceeding a given threshold value. Investment portfolios are constructed using different assumptions regarding the portfolio reallocation period, width of the ranking window, the number of cryptocurrencies in the portfolio, and the percent transaction costs. The performance is benchmarked against: (1) equally weighted and (2) market-cap weighted investments in all of the ranked assets, as well as against the buy and hold strategies based on (3) S&P500 index, and (4) BTCUSD price. Our results show a clear and significant dominance of the short-term contrarian effect over both momentum effect and the benchmark portfolios. The information ratio coefficient for the contrarian strategies often exceeds two-digit values depending on the assumed reallocation period and the width of the ranking window. Additionally, we observe a very significant diversification potential for all cryptocurrency portfolios with relation to the S&P500 index.
Paweł Sakowski Robert Ślepaczuk Krzysztof Kość
http://doi.org.10.26405/WP/WNE/2018/268/009

WP(8)267. Environmental attitudes and place identity as simultaneous determinants of preferences for environmental goods

Abstrakt

Economic valuation is frequently employed to provide evidence of people's preferences for environmental goods. However, it is also often criticised for providing a simplified representation of preferences, with many factors that affect value formation not accounted for. This is the case of environmental attitudes and especially place identity perceptions, which have been largely overlooked in economic valuation, despite representing amongst the most important drivers of people's behaviour towards the environment, according to the environmental psychology and sociology literature. To address this gap, we designed and conducted a choice experiment where we explored the simultaneous role of environmental attitudes and place identity perceptions on willingness to pay (WTP), taking peatland restoration in Scotland as a case study. This study adds to the existing literature in that no valuation study to date has simultaneously integrated both aspects in preference modelling. Given that both factors are potentially strong drivers of preferences, focusing only on one or the other provides a partial picture of the determinants of WTP. Moreover, we do not just look at 'generic' environmental attitudes, but also at 'specific' environmental attitudes. Our results, estimated through a novel and econometrically robust approach based on the hybrid choice model, show that people with more positive environmental attitudes and those who feel attached to Scotland and think that peatlands are an important part of Scotland's identity and landscape tend to display higher WTP. These findings are important to provide a richer understanding of the determinants of preferences for environmental goods. Our results also open up new insights to the discipline in relation to the spatial heterogeneity of preferences: we have shown that people do not only relate with the space around them by focusing on the distance to the improvement site, as most frequently postulated in valuation studies. The idea that place can be understood as a space with emotional and cultural meanings also plays a critical role in shaping preferences. All these are critical elements to better inform policy-makers in the design of more socially acceptable and effective environmental policies.
Mikołaj Czajkowski Michela Faccioli, Klaus Glenk, Julia Martin-Ortega
http://doi.org.10.26405/WP/WNE/2018/267/008

WP(7)266. Unraveling the economic performance of the CEEC countries: the role of exports and global value chains

Abstrakt

In this study we assess the importance of exports and global value chains (GVC) participation on economic growth. Using novel methods and an extensive dataset, we decompose GDP growth in the Central and Eastern European (CEEC) countries to show that in over a large part of the period of transition and integration with the EU, exports have played a predominant role in shaping economic growth. We also show that exports have been the major factor driving the convergence of the CEEC countries with their advanced counterparts. We employ panel methods to analyze the determinants of growth of exported value added and show that the major growth drivers in the analyzed period of 1995−2014 are GVC participation, imports of technology and capital deepening.
Jan Hagemejer Jakub Mućk
http://doi.org.10.26405/WP/WNE/2018/266/007

WP(6)265. Do cultural differences affect voluntary payment decisions? Evidence from guided tours

Abstrakt

We provide an empirical explanation for cross-country differences in the size of the voluntary payments made for a good offered in a Pay-What-You-Want payment scheme. Using a sample of almost 500 international travellers from 50 nations participating in a guided tour that uses a voluntary payment method, we analyse the relationship between the size of the average voluntary payments and national values defined by Hofstede’s Cultural Dimensions (1983) as well as selected values from the World Value Survey (WVS). Strong correlations between certain cultural values and average payment sizes are found.
Anna Kukla-Gryz Peter Szewczyk Katarzyna Zagórska
http://doi.org.10.26405/WP/WNE/2018/265/006

WP(5)264. Time and money transfers: social networks and kinship in migration

Abstrakt

This study investigates transfers given by different donors to parents in need for help whose children migrated abroad. We develop a formal model of time and money transfers given to the elderly parents by kin and non-kin individuals taking into account the elderly's social network and proximity between transfer's donor and recipient. We find that migrant children specialize in money and non-migrant children in time transfers, provided that the difference in wages and proximity between siblings is substantial, and parental social networks do not compress. The dynamics in the size and composition of parent's social network triggered by child's migration affects the transfers received by parents not only from children, but also from other individuals. The overall effect on total time transfers might be positive even if donors decide to decrease their transfers of time, provided that the set of donors is enlarged.
Anna Nicińska
http://doi.org.10.26405/WP/WNE/2018/264/005

WP(4)263. A New Baseline Model for Estimating Willingness to Pay from Discrete Choice Models

Abstrakt

We show a substantive problem exists with the widely-used ratio of coefficients approach to calculating willingness to pay (WTP) from choice models. The correctly calculated standard error for WTP using this approach is shown to always be infinity. A variant of this problem has long been recognized for mixed logit models. We show it occurs even in simple models like the conditional logit used as a baseline reference specification. It occurs because the standard error for the cost parameter implies some possibility that the true parameter value is arbitrarily close to zero. We propose a simple yet elegant way to overcome this problem by reparameterizing the coefficient of the (negative) cost variable to enforce the theoretically correct (and empirically almost always found) positive coefficient using an exponential transformation of the original parameter. This reparameterization enforces the desired restriction that no-part of the confidence region for original cost parameter spans zero. With it the confidence interval for WTP is now finite and well behaved. Our proposed model is straightforward to implement using readily available software. Its log-likelihood value is the same as the usual baseline discrete choice model and we recommend its use as the new standard baseline reference model.
Mikołaj Czajkowski Richard T. Carson
http://doi.org.10.26405/WP/WNE/2018/263/004

WP(3)262. Verifying the representativeness heuristic: A field experiment with real-life lottery tickets

Abstrakt

Despite having the same probability of being drawn, certain number combinations are more popular than others among the lottery players. One explanation of such a preference is the representativeness heuristic (RH). Unlike previous hypothetical experiments, in the present experiment we used real-life lottery tickets, involving a high payout in case of winning to elicit true preferences. To verify if people prefer randomly-looking number combinations, participants were to choose a preferred ticket. To validate if it is likely to be caused by RH, we correlated preference for "random" sequences with the belief in dependence between subsequent coin tosses. We confirm that people strongly prefer random sequences and that a non-trivial fraction believes in dependence between coin tosses. However, there is no correlation between these two tendencies, questioning the RH explanation. By contrast, participants who have an (irrationally) strong preference for number combinations also tend to make (irrationally) specific predictions in the coin task. Unexpectedly, we find that females are considerably more likely to belong to this group than males.
Michał Krawczyk Joanna Rachubik
http://doi.org.10.26405/WP/WNE/2018/262/003

WP(2)261. Economic growth on the periphery: Estimates of GDP per capita of the Congress Kingdom of Poland (for years 1870−1912)

Abstrakt

This paper presents the estimates of the GDP of Congress Kingdom of Poland for period 1870−1912. Authors used bottom-up methodology and calculated sectoral added values using historical economic, social and demographic data. Presented results offer first ever insight into the structure of sectoral added values in the Congress Kingdom of Poland during the period of first globalization (1870−1913) and first reliable estimates of GDP of Congress Kingdom of Poland. All results are presented in Geary-Khamis dollars PPP1990 and are compatible with Maddison dataset.
Piotr Koryś Maciej Tymiński
http://doi.org.10.26405/WP/WNE/2018/261/002

WP(1)260. Disentangling the effects of policy and payment consequentiality and risk attitudes on stated preferences

Abstrakt

Incentivising respondents to truthfully reveal their preferences in stated preference surveys requires that they believe their survey responses can influence decisions related to the outcome in question (policy consequentiality) and that they will have to bear their share of coercive cost if the outcome is implemented (payment consequentiality). We investigate the effects of these two aspects of consequentiality on stated preferences in a field survey concerning renewable energy development in Poland. We find that beliefs in policy and payment consequentiality strengthen respondents' interest in having the project implemented, but policy consequentiality decreases, while payment consequentiality increases their sensitivity to the project cost, thus increasing or decreasing their willingness to pay, respectively. We conclude that the two components of consequentiality should be addressed separately in stated preference studies. Additionally, we inquire the theoretically speculated links between respondents' perceptions about policy and payment consequentiality and their risk attitudes, finding no significant relationship.
Ewa Zawojska Anna Bartczak Mikołaj Czajkowski
https://doi.org.10.26405/WP/WNE/2018/260/001

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