Choke Price Bias in Choice Experiments |
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Authors: | Morten Raun Mørkbak Tove Christensen Dorte Gyrd-Hansen |
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Institution: | (1) Institute of Food and Resource Economics, Faculty of Life Sciences, University of Copenhagen, Copenhagen, Denmark;; |
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Abstract: | This paper reports on the results from a split sample choice experiment, where the effect of changing the maximum level of
the cost attribute is investigated. The hypothesis was that changing the maximum price level would either give rise to an
income effect or have no effect on consumers’ preferences. This was tested in the framework of a valuation study of different
quality characteristics of minced pork. The data was analysed using a mixed logit error component model, which accounts for
correlation in the unobserved part of the utility. Results suggest that the size of the maximum price level does matter, and
that changing the maximum price level has a statistically significant effect on both the general preferences structure and
the WTP estimates. Hence, researchers should be very careful when defining not only the range of the price attribute but also
the maximum level of the price attribute. |
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Keywords: | |
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