A penny for your thoughts: Inducing truth-telling in stated preference elicitation |
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| Authors: | Lint Barrage Min Sok Lee |
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| Institution: | 1. Department of Management, Technology and Economics, Center for Economic Research at ETH, Swiss Federal Institute of Technology Zurich (ETH Zurich), Switzerland;2. Swiss Tropical and Public Health Institute (Swiss TPH), The University of Basel and Center of Economic Research at ETH, Switzerland;3. School of Energy and Environment, City University of Hong Kong, Hong Kong |
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| Abstract: | Contingent valuation often induces hypothetical bias. In a laboratory experiment, we test three calibration mechanisms: cheap-talk, consequentialism, and a new mechanism, the Bayesian truth serum (“BTS”). We apply the BTS in a “faith-based” format: subjects are informed about the purpose and potential efficacy of the BTS, but not its theoretical foundations. We find that real and hypothetical responses differ significantly; real and consequentialist responses are statistically indistinguishable; cheap-talk and the BTS eliminate bias inconsistently; subject characteristics interact significantly with treatment. |
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