Stated Preferences, Real Behaviour and Anchoring: Some Empirical Evidence |
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Authors: | Richard M O‘Conor Magnus Johannesson Per-Olov Johansson |
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Institution: | (1) Department of Economics, Stockholm School of Economics, Stockholm, Sweden |
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Abstract: | We compare different contingent valuation question formats with each other and with observed behaviour for a non-monetary estimation task, the expected number of kilometers travelled by automobile. Open-ended questions, open-ended follow-up questions, dichotomous choice (DC) questions, and double-bound DC questions are included. The single and double-bound DC questions result in an estimated mean about twice as high as the actual value and the open-ended mean. The DC question overestimation seems to be due to an anchoring effect leading to yea-saying behaviour. Our results about the difference between DC questions and open-ended questions is consistent with the pattern observed in contingent valuations studies of the willingness to pay. Our results indicates that DC questions seem to be associated with a general overestimation problem that is present even for simple non-monetary estimation tasks. |
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Keywords: | contingent valuation dichotomous-choice hypothetical questions real behaviour |
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