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Willingness to pay to host the Summer Olympic Games1 Dennis Coates Department of Economics MBC Baltimore, MD USA and HSE International Lab on Intangible driven economy Perm, Russia Stefan Szymanski
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Willingness to pay refers to the maximum amount of money a person is willing to sacrifice in order to acquire a certain good or service.
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Anyone who is involved in a transaction where the concept of willingness to pay is relevant may be required to report their willingness to pay.
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Willingness to pay can be filled out by considering factors such as the individual's budget, preferences, and perceived value of the good or service.
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The purpose of willingness to pay is to understand consumer behavior, determine pricing strategies, and assess the value of a product or service.
What information must be reported on willingness to pay to?
Information such as the amount of money the individual is willing to pay, reasons for their willingness to pay that amount, and any influencing factors should be reported.
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