When Does Static Willingness to Pay Mislead? A Framework for Dynamic Hedonic Valuation
静态支付意愿何时产生误导?动态特征价值评估框架
Many policy counterfactuals depend on how consumers value product attributes such as sugar, caffeine, alcohol, or emissions. Standard hedonic and differentiated-products models typically impose time-separable preferences. But when attributes are habit forming, current consumption can shift future marginal valuations, so static willingness-to-pay may be insufficient for policy counterfactuals. I develop a nonparametric revealed-preference framework for dynamic hedonic…