Abstract: From the standpoint of both autonomy and welfare, use of willingness to pay (WTP) is a precious human achievement. At the same time, WTP might be infected by a lack of information and by behavioral biases. There are also philosophical objections to certain uses of WTP, pointing, among other things, to the problem of adaptive preferences and to turning certain goods into commodities. In the end, we have two cheers for WTP, and possibly two-and-a-half.