Macroeconomics 1st Edition by Dean Karlan,Jonathan Morduch

Exercise 16

Bill is a professional photographer. His camera is broken, and he needs a new one within the next hour, or he will miss an important deadline. Lisa is a high school student who doesn't have a camera but wants to get one to take pictures at her prom next month. Who do you think would have a higher willingness to pay for a particular camera today? Why?