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The behavior of respondents in contingent valuation: Evidence on starting bids |
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| Institution: | 1. Virginia Commonwealth University, United States;2. Board of Governors of the Federal Reserve System, United States;1. Yale University, Department of Psychology, Sheffield-Sterling-Strathcona Hall Room 206, 1 Prospect Street, New Haven, CT 06511, United States;2. Harvard University, Program for Evolutionary Dynamics, 1 Brattle Square Suite 6, Cambridge, MA 02138, United States;3. Harvard University, John F. Kennedy School of Government, 79 John F. Kennedy Street, Cambridge, MA 02138, United States;4. Yale University, Department of Psychology, Department of Economics, and School of Management, Sheffield-Sterling-Strathcona Hall Room 204, 1 Prospect Street, New Haven, CT 06511, United States |
| Abstract: | Data from a contingent valuation survey of New Jersey beaches provides a test of starting point bias. Subsamples were delineated corresponding to levels of respondent understanding of the commodity being valued. A means- difference test showed statistically significant starting point bias for each subsample of respondents. A bid function is used to show that starting point bias is present and it increases as the level of information (understanding) decreases. Starting point bias was found even though respondents were actually using and paying for the commodity in question and the starting bids were in the neighborhood of the entry fee. |
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