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Putting an exact value on assets is often difficult since it involves a complicated process of trading off different attributes. This difficulty can lead to valuation uncertainty; people consider a range of possible values for an asset instead of one exact value. Valuation uncertainty has important scientific, practical, and societal implications. It is, however, difficult to measure. We propose a novel, incentivized measure of a valuation uncertainty interval in which individuals have valuation difficulty. In this measure subjects are allowed to randomize between options when they are not fully confident about their preference. We then use valuation uncertainty to organize a number of seemingly independent anomalies, in particular the WTA-WTP gap and the lack of correlation between the two. Furthermore, we link valuation uncertainty to individual traits and life outcomes.
