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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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References

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  1. Dickie, M. & Fisher, A. & Gerking, S.D., 1987. "Market transactions and hypothetical demand data: A comparative study," Open Access publications from Tilburg University urn:nbn:nl:ui:12-4628501, Tilburg University.
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  3. Shogren, Jason F. & Seung Y. Shin & Dermot J. Hayes & James B. Kliebenstein, 1994. "Resolving Differences in Willingness to Pay and Willingness to Accept," American Economic Review, American Economic Association, vol. 84(1), pages 255-70, March.
  4. W. Michael Hanemann, 1994. "Valuing the Environment through Contingent Valuation," Journal of Economic Perspectives, American Economic Association, vol. 8(4), pages 19-43, Fall.
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  9. Hausman, Jerry A. & Leonard, Gregory K. & McFadden, Daniel, 1995. "A utility-consistent, combined discrete choice and count data model Assessing recreational use losses due to natural resource damage," Journal of Public Economics, Elsevier, vol. 56(1), pages 1-30, January.
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  14. McConnell, K. E., 1990. "Models for referendum data: The structure of discrete choice models for contingent valuation," Journal of Environmental Economics and Management, Elsevier, vol. 18(1), pages 19-34, January.
  15. Hanemann, Michael & Morey, Edward, 1992. "Separability, partial demand systems, and consumer's surplus measures," Journal of Environmental Economics and Management, Elsevier, vol. 22(3), pages 241-258, May.
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Citations

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Cited by:
  1. Isacsson, Gunnar, 2007. "The trade off between time and money: Is there a difference between real and hypothetical choices?," Working Papers 2007:3, Swedish National Road & Transport Research Institute (VTI).
  2. Carson, Richard T. & Hanemann, W. Michael, 2006. "Contingent Valuation," Handbook of Environmental Economics, in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 2, chapter 17, pages 821-936 Elsevier.
  3. 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, vol. 43(1), pages 127-139, September.
  4. Richard Carson & Nicholas Flores & Norman Meade, 2001. "Contingent Valuation: Controversies and Evidence," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 19(2), pages 173-210, June.
  5. Smith, V. Kerry, 1997. "Time and the Valuation of Environmental Resources," Working Papers 97-36, Duke University, Department of Economics.
  6. Craig Landry & John List, 2007. "Using ex ante approaches to obtain credible signals for value in contingent markets: Evidence from the field," Framed Field Experiments 00168, The Field Experiments Website.
  7. 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., vol. 12(4), pages 323-334.
  8. 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 19519, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  9. Gubanova, Tatiana & Adamowicz, Wiktor L. & McMillan, Melville, 2009. "'Pocket and Pot': Hypothetical Bias in a No-Free-Riding Public Contribution Game," Staff Paper Series 91403, University of Alberta, Department of Resource Economics and Environmental Sociology.
  10. Johnston, Robert J., 2006. "Is hypothetical bias universal? Validating contingent valuation responses using a binding public referendum," Journal of Environmental Economics and Management, Elsevier, vol. 52(1), pages 469-481, July.
  11. John K. Horowitz & Kenneth E. McConnell & James J. Murphy, 2012. "Behavioral Foundations of Environmental Economics and Valuation," Working Papers 2012-03, University of Alaska Anchorage, Department of Economics.
  12. Kelly Maguire & Laura Taylor & Shiferaw Gurmu, 2003. "Do students behave like adults? Evidence from valuation experiments," Applied Economics Letters, Taylor & Francis Journals, vol. 10(12), pages 753-756.
  13. 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, vol. 44(1), pages 144-168, July.
  14. 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, vol. 33(2), October.
  15. John List & Jay Shogren, 2002. "Calibration of willingness-to-accept," Framed Field Experiments 00182, The Field Experiments Website.
  16. 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, vol. 20(3), pages 241-254, November.
  17. Shogren, Jason F., 2006. "Experimental Methods and Valuation," Handbook of Environmental Economics, in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 2, chapter 19, pages 969-1027 Elsevier.
  18. 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, vol. 89(3), pages 649-665, June.

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