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

• Element Type: Block

• Block Type: Standard

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

Questions In This Block:

Question QID189

Question Type: Multiple Choice

Question Text:

Imagine that when you went to the movies last week, you were inadvertently exposed to a rare and fatal virus. The possibility of actually contracting the disease is 1 in 1,000, but once you have the illness there is no known cure. On the other hand, you can, readily and now, be given an injection that stops the development of the illness. Unfortunately, these injections are only available in very small quantities and are sold to the highest bidder. What is the highest price you would be prepared to pay for such an injection? [You can get a long-term, low-interest loan if needed.]:

Options:

• $10

• $100

• $1,000

• $10,000

• $50,000

• $100,000

• $250,000

• $500,000

• $1,000,000

• $5,000,000 or more