Studies of willingness to pay for non-monetary benefits or costs through wages, travel costs, etc.are referred to as

Question

Quizplus · Accepted Answer

Revealed preference studies involve observing actual choices that people make in real-life situations, such as how much they are willing to pay for non-monetary benefits or bear costs through wages, travel costs, etc. This approach infers values that individuals place on goods or services based on their observed behavior, rather than through direct surveys or hypothetical scenarios.

Studies of Willingness to Pay for Non-Monetary Benefits or Costs