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 extend it. I develop a methodology for quantifying the informational content of WTP. "
Non-HKS Harvard Author Website - Oren Bar-Gill