Explain Willingness to pay(WTP) V. Willingness to Accept(WTA) as measure of value.

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up980811

Economics

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Explain Willingness to pay(WTP) V. Willingness to Accept(WTA) as measure of value. Provide a detailed explanation of several reasons why these measures may differ. Under what circumstances would valuation based on WTP and WTA be the appropriate measure? How does WTP and WTA compare with market price valuation?

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