Michael Perelman asked:
>Wasn't Mishan the first to point out the difference between WTP and WTA?
An early reference to the concept of WTP vs. WTA is in:
Herfindahl, Orris, and Allen Kneese, 1965. "Some Problems Associated with
the Use of Rural Areas." Quality of the Environment. Washington: Resources
for the Future, Inc., pp. 74-79.
Michael Perelman suggests that maybe Mishan said it first. I don't know -
when and where did Mishan say it?
Either way, it's been around a long time, and should be raised whenever
evaluating the Coase (or Stigler?) theorems.
Mason Gaffney