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Buying Time: Real and Hypothetical Offers

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  • Smith, V. Kerry
  • Mansfield, Carol

Abstract

This paper provides the results of a field test of contingent valuation estimates within a willingness to accept framework. Using dichotomous choice questions in telephone-mail-telephone interviews, we compare responses to real and hypothetical offers to survey respondents for the opportunity to spend time in a second set of interviews on an undisclosed topic. Five hundred and forty people were randomly split between the real and hypothetical treatments. Our findings indicate no significant differences between people's choices with real and hypothetical offers. Choice models indicate the size of the offer and income were significant determinants of respondents' decisions, and these models were not significantly different between real and hypothetical offers.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Environmental Economics and Management.

Volume (Year): 36 (1998)
Issue (Month): 3 (November)
Pages: 209-224

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Handle: RePEc:eee:jeeman:v:36:y:1998:i:3:p:209-224

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Web page: http://www.elsevier.com/locate/inca/622870

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Cited by:
  1. John List & Jay Shogren, 2002. "Calibration of willingness-to-accept," Framed Field Experiments, The Field Experiments Website 00182, The Field Experiments Website.
  2. John K. Horowitz & Kenneth E. McConnell & James J. Murphy, 2012. "Behavioral Foundations of Environmental Economics and Valuation," Working Papers, University of Alaska Anchorage, Department of Economics 2012-03, University of Alaska Anchorage, Department of Economics.
  3. Craig E. Landry & John A. List, 2007. "Using Ex Ante Approaches to Obtain Credible Signals for Value in Contingent Markets: Evidence from the Field," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, Agricultural and Applied Economics Association, vol. 89(2), pages 420-429.
  4. Johnston, Robert J., 2006. "Is hypothetical bias universal? Validating contingent valuation responses using a binding public referendum," Journal of Environmental Economics and Management, Elsevier, Elsevier, vol. 52(1), pages 469-481, July.
  5. Smith, V. Kerry, 1997. "Time and the Valuation of Environmental Resources," Discussion Papers, Resources For the Future dp-98-07, Resources For the Future.
  6. Kelly Maguire & Laura Taylor & Shiferaw Gurmu, 2003. "Do students behave like adults? Evidence from valuation experiments," Applied Economics Letters, Taylor & Francis Journals, Taylor & Francis Journals, vol. 10(12), pages 753-756.
  7. Shogren, Jason F., 2006. "Experimental Methods and Valuation," Handbook of Environmental Economics, Elsevier, in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 2, chapter 19, pages 969-1027 Elsevier.
  8. Murphy, James J. & Stevens, Thomas H., 2004. "Contingent Valuation, Hypothetical Bias, and Experimental Economics," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, Northeastern Agricultural and Resource Economics Association, vol. 33(2), October.
  9. Carson, Richard T & Flores, Nicholas A, 2000. "Contingent Valuation: Controversies and Evidence," University of California at San Diego, Economics Working Paper Series, Department of Economics, UC San Diego qt75k752s7, Department of Economics, UC San Diego.
  10. Carson, Richard T. & Hanemann, W. Michael, 2006. "Contingent Valuation," Handbook of Environmental Economics, Elsevier, in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 2, chapter 17, pages 821-936 Elsevier.
  11. Gubanova, Tatiana & Adamowicz, Wiktor L. & McMillan, Melville, 2009. "‘Pocket and Pot’: Hypothetical Bias in a No-Free-Riding Public Contribution Game," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin, Agricultural and Applied Economics Association 49318, Agricultural and Applied Economics Association.
  12. Laura O. Taylor & Ronald G. Cummings, 1999. "Unbiased Value Estimates for Environmental Goods: A Cheap Talk Design for the Contingent Valuation Method," American Economic Review, American Economic Association, American Economic Association, vol. 89(3), pages 649-665, June.
  13. Natalia N. Borisova & Allen C. Goodman, 2003. "Measuring the value of time for methadone maintenance clients: willingness to pay, willingness to accept, and the wage rate," Health Economics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 12(4), pages 323-334.
  14. Brown, Kelly M. & Taylor, Laura O., 2000. "Do as you say, say as you do: evidence on gender differences in actual and stated contributions to public goods," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 43(1), pages 127-139, September.
  15. John List & Craig Gallet, 2001. "What Experimental Protocol Influence Disparities Between Actual and Hypothetical Stated Values?," Environmental & Resource Economics, European Association of Environmental and Resource Economists, European Association of Environmental and Resource Economists, vol. 20(3), pages 241-254, November.
  16. Berrens, Robert P. & Jenkins-Smith, Hank & Bohara, Alok K. & Silva, Carol L., 2002. "Further Investigation of Voluntary Contribution Contingent Valuation: Fair Share, Time of Contribution, and Respondent Uncertainty," Journal of Environmental Economics and Management, Elsevier, Elsevier, vol. 44(1), pages 144-168, July.
  17. Johnston, Robert J. & Joglekar, Deepak P., 2005. "Validating Hypothetical Surveys Using Binding Public Referenda: Implications for Stated Preference Valuation," 2005 Annual meeting, July 24-27, Providence, RI, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) 19519, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  18. Isacsson, Gunnar, 2007. "The trade off between time and money: Is there a difference between real and hypothetical choices?," Working Papers, Swedish National Road & Transport Research Institute (VTI) 2007:3, Swedish National Road & Transport Research Institute (VTI).

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