Preferences have been shown to be influenced by initial endowments of wealth in the valuation literature. This paper tested for the influence of initial endowments of experience on preferences, using a discrete choice experiment. The experiment was carried out within the context of a randomized...

In the absence of revealed preference behaviour, economists use experimental techniques to estimate welfare changes. Such an approach relies on a number of assumptions concerning individual behaviour. This paper uses a discrete choice experiment to test three of these assumptions - rationality,...