Hypothetical versus real willingness to pay: some experimental results

The aim of this study was to compare hypothetical and real willingness to pay (WTP) in an experimental setting by eliciting WTP for a private good, a box of chocolates. The experimental subjects were randomly divided into two groups. One group received an open-ended hypothetical WTP question and another group participated in a second-price auction with real payments. The mean WTP was SEK 89.50 (STD 75.37) in the hypothetical payment group and SEK 87.40 (STD 39.47) in the real payment group. The null hypothesis of no difference in the mean WTP between the groups could not be rejected.