A Comparison of Induced Value and Home-Grown Value Experiments to Test for Hypothetical Bias in Contingent Valuation |
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Authors: | James J Murphy Thomas H Stevens Lava Yadav |
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Institution: | (1) Department of Health, London, UK;(2) Department of Economics and Geography, United States Air Force Academy, Colorado Springs, CO, USA;(3) Business School, University of Newcastle upon Tyne, Newcastle, UK;(4) Gibson Institute, Queen’s University, Room 1209, David Keir Building, Stranmillis Road, Belfast, BT9 5AG, UK; |
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Abstract: | This study tests the hypothesis that hypothetical bias may not be related to value elicitation; rather it may be a value formation
problem. When participants are asked to indicate their willingness to pay for an induced value good, we find no evidence of
hypothetical bias for three different commodity types (public good, private good, and publicly provided private good). However,
when these same subjects are asked to value homegrown goods with no pre-assigned induced value using the same elicitation
mechanism, hypothetical values are roughly double actual payments in all three cases. These results support the hypothesis
that the process of forming values in a homegrown setting may be a key contributor to hypothetical bias. |
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