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Can Hypothetical Questions Reveal True Values? A Laboratory Comparison of Dichotomous Choice and Open-Ended Contingent Values with Auction Values |
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| Authors: | Edward Balistreri Gary McClelland Gregory Poe William Schulze |
| Institution: | (1) Charles River Associates, Inc., Washington, DC, USA;(2) Department of Psychology, University of Colorado, Boulder, Colorado, USA;(3) Department of Agricultural, Resource, and Managerial Economics, Cornell University, Ithaca, NY, USA;(4) Department of Agricultural, Resource, and Managerial Economics, Cornell University, 301 Warren Hall, Ithaca, NY 14853, USA |
| Abstract: | Can hypothetical questions reveal true values? An examination of thelaboratory experimental literature examining contingent valuation (CV)lends some support for using open-ended hypothetical willingness to payquestions. However, experimental studies examining dichotomous choicehave found that hypothetical answers overstate demand. Consistent withthe experimental literature, published CV studies comparing open-ended todichotomous choice questions have shown that values from the dichotomouschoice method equal or exceed those of the open-ended method in everycase. This paper presents a series of experiments employing more than 800subjects to test this hypothesis for CV and compares the CV results toactual auction values in a single controlled experimental environment. |
| Keywords: | contingent valuation elicitation methods validity experimental economics OEQ (open-ended questions) DCQ (dichotomous choice questions) WTP (willingness to pay) |
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