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| Oren Bar-Gill
2020, Paper: "From a welfarist perspective, Willingness to Pay (WTP) is relevant only as a proxy for individual preferences or utilities. Much of the criticism levied against the WTP criterion can be understood as saying that WTP is a bad proxy for utility – that WTP contains limited information about preferences. Specifically, the claim is that wealth effects prevent WTP from serving as a good proxy for utility. I formalize this critique and…