Block: WTA/WTP Thaler problem - WTA certainty [Wave 4]

  • Element Type: Block

  • Block Type: Standard

  • Block Name: WTA/WTP Thaler problem - WTA certainty

Questions In This Block:

Question QID190

Question Type: Multiple Choice

Question Text:

Imagine that a group of research scientists in the School of Medicine are running a laboratory experiment on a vaccine for a rare and fatal virus. The possibility of actually contracting the disease from the vaccine is 1 in 1,000, but once you have the disease there is no known cure. The scientists are seeking volunteers to test the vaccine on. What is the lowest amount that you would have to be paid before you would take part in this experiment?

Options:

  • $10

  • $100

  • $1,000

  • $10,000

  • $50,000

  • $100,000

  • $250,000

  • $500,000

  • $1,000,000

  • $5,000,000 or more