We compare two approaches to mitigating hypothetical bias. The study design includes three treatments: an actual payment treatment, a contingent valuation (CV) treatment with a follow-up certainty question, and a CV treatment with a cheap talk script. Our results suggest that both the follow-up...

Each year during the turtle watching season, Mon Repos turtle rookery in Queensland attracts many ecotourists interested in seeing sea turtles nesting or hatching. As part of their visit, visitors are able to learn about the biology of and threats to marine turtles. A sample of visitors were...

 

The goal of this paper is to assess the academic literature written between the Exxon spill and the BP disaster in order to shed light on the fundamental question of validity of the contingent valuation, and more generally, stated preference methods. The fundamental question is straightforward:...

Individuals are widely believed to overstate their economic valuation of a good by a factor of two or three. This paper reports the results of a meta-analysis of hypothetical bias in 28 stated preference valuation studies that report monetary willingness-to-pay and that used the same mechanism...

Individuals are widely believed to overstate their economic valuation of a good by a factor of two or three. This paper reports the results of a meta-analysis of hypothetical bias in 28 stated preference valuation studies that report monetary willingness-to-pay and used the same mechanism for...

We compare the ability of three preference elicitation methods (hypothetical choices, non-hypothetical choices, and non-hypothetical rankings) and three discrete-choice econometric models (the multinomial logit, the independent availability logit, and the random parameter logit) to predict...

We compare the ability of three preference elicitation methods (hypothetical choices, non-hypothetical choices, and non-hypothetical rankings) and three discrete-choice econometric models (the multinomial logit, the independent availability logit, and the random parameter logit) to predict...

A recent study published by Murphy et al. (2005) reported results of a meta-analysis of hypothetical bias using 28 valuation studies. The authors found a median ratio of hypothetical to actual values of 1.35 but they did not investigate the ratio of scales of the hypothetical and actual value...