Contingent Valuation, Hypothetical Bias, and Experimental Economics
نویسندگان
چکیده
منابع مشابه
Contingent Valuation, Hypothetical Bias and Experimental Economics
Although the contingent valuation method has been widely used to value a diverse array of nonmarket environmental and natural resource commodities, recent empirical evidence suggests that it may not accurately estimate real economic values. The hypothetical nature of environmental valuation surveys typically results in responses that are significantly greater than actual payments. Economists ha...
متن کاملHypothetical Bias in Dichotomous Choice Contingent Valuation Studies
This paper uses a meta-analysis to explore the relationship between hypothetical bias and the price respondents are asked to pay. For public goods, the results clearly indicate a difference in the price elasticity between hypothetical and actual payment conditions. Since the bias increases for larger dollar amounts, any simple guidelines, such as NOAA’s “divide by two” rule of thumb, could be m...
متن کاملExplaining the discrepancy between intentions and actions: the case of hypothetical bias in contingent valuation.
An experiment was designed to account for intention-behavior discrepancies by applying the theory of planned behavior to contingent valuation. College students (N = 160) voted in hypothetical and real payment referenda to contribute $8 to a scholarship fund. Overestimates of willingness to pay in the hypothetical referendum could not be attributed to moderately favorable latent dispositions. In...
متن کاملRESEARCHING PREFERENCES, VALUATION and HYPOTHETICAL BIAS*
A number of recent papers in environmental economics have focused on the process of researching preferences – agents are uncertain about preferences but with effort may narrow their uncertainty. This issue has arisen in formulating bids in contingent valuation as well as the debate over the divergence between WTP and WTA. In the context of contingent valuation, it has been suggested that the hy...
متن کاملFurther tests of entreaties to avoid hypothetical bias in referendum contingent valuation
Over-estimation of willingness to pay in contingent markets has been attributed largely to hypothetical bias. One promising approach for avoiding hypothetical bias is to tell respondents enough about such bias that they self-correct for it. A script designed for this purpose by Cummings and Taylor was used in hypothetical referenda that differed in payment amount. In comparisons with behavior o...
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ژورنال
عنوان ژورنال: Agricultural and Resource Economics Review
سال: 2004
ISSN: 1068-2805,2372-2614
DOI: 10.1017/s1068280500005761