Description acceptable. He, Anderson, and Rucker claimed that “direct” and “indirect” factors affect this quantity in a paper developing a “comparative method of valuation” to measure it. To measure this quantity, Becker, DeGroot, and Marschak developed an incentive-compatible method equivalent to a Vickrey auction against an unknown bidder. If u(w, x) (“u of w comma x”) is a utility function, where x is a dummy variable corresponding to an undesired feature, then this quantity equals u(w 0 , 1) (“u of w-nought comma 1”). The income effect is often cited to explain why this quantity is finite, but a related quantity is infinite. This quantity corresponds to the (*) consumer reservation price. This quantity is smaller than a related quantity in the endowment effect. It’s not demand, but this quantity minus price equals consumer surplus. For 10 points, name (-5[1])this quantity, the maximum a consumer would give up to obtain a (10[1]0[1])good. ■END■