Jack L. Knetsch

Judicial Choice and Disparities between Measures of Economic Values

An important idea, which characterizes law in society, is a reluctance to move from the status quo. In general, one can argue that legal institutions and legal doctrine are not ...

Fairness as a Constraint on Profit Seeking: Entitlements in the Market

Community standards of fairness for the setting of prices and wages were elicited by telephone surveys. In customer or labor markets it isacceptable for a firm to raise prices (...

Willingness to Pay and Compensation Demanded: Experimental Evidence of an Unexpected Disparity in Measures of Value

Aside from possible income effects, measures of the maximum amounts people will pay to avoid a loss and the minimum compensation necessary for them to accept it are generally as...

The Endowment Effect and Evidence of Nonreversible Indifference Curves