Journal ArticleDOI
Calibrating Hypothetical Willingness to Pay Responses
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In this article, the authors compared hypothetical and real dichotomous choice responses for two different goods to estimate a statistical bias function to calibrate the hypothetical yes responses, and found that the probability that a hypothetical yes response would be a real yes response was estimated as a function of the individual's self-assessed certainty.Abstract:
Experimental data comparing hypothetical and real dichotomous choice responses for two different goods were used to estimate a statistical bias function to calibrate the hypothetical yes responses. The probability that a hypothetical yes response would be a real yes response was estimated as a function of . the individual's self-assessed certainty of the hypothetical yes response assessed on a 0)10 scale and a variable representing the price level. Without calibration the hypothetical yes responses significantly exceeded the proportion of real yes responses, but after calibration the null hypothesis of no difference between hypothetical and real responses could not be rejected in any of the experiments.read more
Citations
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Journal ArticleDOI
Hypothetical bias, choice experiments and willingness to pay
TL;DR: This article reviewed the efforts to identify and calibrate WTP derived from one or more methods that involve assessment of hypothetical settings, be they contingent valuation methods, choice experiments involving trading attributes between multiple alternatives, with or without referencing, or methods involving salient or non-salient incentives linked to actual behaviour.
Journal ArticleDOI
Eliciting willingness to pay without bias: evidence from a field experiment*
TL;DR: The authors compare two methods of removing hypothetical bias, a cheap talk approach and a certainty approach, with real purchases and find evidence of hypothetical bias for unadulterated contingent valuation.
Journal ArticleDOI
Provision Point Mechanisms and Field Validity Tests of Contingent Valuation
TL;DR: In this article, the authors argue that provision point mechanisms are a preferred alternative for field validity tests of contingent valuation because they increase the proportion of demand revealed in cases in which public goods can be provided in a step function.
Posted Content
Explaining Disparities between Actual and Hypothetical Stated Values: Further Investigation Using Meta-Analysis
Joseph Little,Robert P. Berrens +1 more
TL;DR: This work expands the original meta-analysis of the experimental protocol of the survey-based contingent valuation method by using a significantly larger data set, including variables to account for referendum formats, certainty corrections, and cheap talk scripts.
Posted Content
The Value of a Statistical Life
Henrik Andersson,Nicolas Treich +1 more
TL;DR: In this article, the value of a statistical life (VSL) has been surveyed for the Handbook in Transport Economics, edited by Andre de Palma, Robin Lindsey, Emile Quinet and Roger Vickerman.
References
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Book
Using surveys to value public goods : the contingent valuation method
TL;DR: Mitchell and Carson as discussed by the authors argue that at this time the contingent valuation (CV) method offers the most promising approach for determining public willingness to pay for many public goods, an approach likely to succeed, if used carefully, where other methods may fail.
Journal ArticleDOI
Welfare Evaluations in Contingent Valuation Experiments with Discrete Responses
TL;DR: In this article, two distinct types of welfare measures are introduced and then estimated from Bishop and Heberlein's data, based on the hypothesis of utility maximization, and measures of compensating and equivalent surplus are derived from the fitted models.
Book
The handbook of experimental economics
John H. Kagel,Alvin E. Roth +1 more
TL;DR: A comprehensive survey of the results and methods of laboratory experiments in economics can be found in this article, with a focus on public goods, coordination problems, bargaining, industrial organization, asset markets, auctions, and individual decision making.
Journal ArticleDOI
Contingent Valuation: Is Some Number Better than No Number?
TL;DR: In this article, the authors conclude that current methods are not suitable for damage assessment or benefit-cost analysis, and they believe the problems come from an absence of preferences, not a flaw in survey methodology, making improvement unlikely.