In some, but not all, contexts, respondents to stated preference valuation studies state a willingness to pay (WTP) higher than what lab or field experiments indicate is the actual amount they would pay. However, several ex ante survey design strategies and ex post calibration techniques can be used to minimize or eliminate hypothetical bias. This article reviews and presents evidence on the ef...

I wish to thank several people for their guidance and assistance. First, I thank V. Kerry Smith, Michael Hanemann, Cathy Kling, Ju-Chin Huang, and Nathan Knust for expanding my understanding and encouraging my exploration. I thank Don Lien and De-Min Wu for their statistical guidance and David Popp for his editorial guidance. I thank Todd Abplanalp and Marian Martinez-Pais for their excellent r...

Stated preference (SP) methods are widely used in travel behaviour research and practice to identify behavioural responses to choice situations which are not revealed in the market, and where the attribute levels offered by existing choices are modified to such an extent that the reliability of revealed preference models as predictors of response is brought into question. This paper reviews rec...

In a static setting, willingness to pay for an environmental improvement is equal to compensating variation. In a dynamic setting, however, willingness to pay may also contain a commitment cost. In this paper we incorporate the dynamic nature of the value formation process into a stated preference study designed to test whether there is an important dynamic component (commitment cost) in stated...