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12) Using the concepts of Willingness to Pay (WTP) and Willingness to Accept (WTA), what is the Endowment Effect? 13) What would traditional Economic

12) Using the concepts of Willingness to Pay (WTP) and Willingness to Accept (WTA), what is the Endowment Effect? 13) What would traditional Economic theory predict about the relationship between WTP and WTA? 14) How does the concept of Loss Aversion explain the Endowment Effect?

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