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Stated Preferences, Real Behaviour and Anchoring: Some Empirical Evidence

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  • Richard O‘Conor
  • Magnus Johannesson
  • Per-Olov Johansson

Abstract

We compare different contingent valuation question formats with each other and with observed behaviour for a non-monetary estimation task, the expected number of kilometers travelled by automobile. Open-ended questions, open-ended follow-up questions, dichotomous choice (DC) questions, and double-bound DC questions are included. The single and double-bound DC questions result in an estimated mean about twice as high as the actual value and the open-ended mean. The DC question overestimation seems to be due to an anchoring effect leading to ‘yea-saying’ behaviour. Our results about the difference between DC questions and open-ended questions is consistent with the pattern observed in contingent valuations studies of the willingness to pay. Our results indicates that DC questions seem to be associated with a general overestimation problem that is present even for simple non-monetary estimation tasks. Copyright Kluwer Academic Publishers 1999

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Bibliographic Info

Article provided by European Association of Environmental and Resource Economists in its journal Environmental and Resource Economics.

Volume (Year): 13 (1999)
Issue (Month): 2 (March)
Pages: 235-248

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Handle: RePEc:kap:enreec:v:13:y:1999:i:2:p:235-248

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Web page: http://www.springerlink.com/link.asp?id=100263

Related research

Keywords: contingent valuation; dichotomous-choice; hypothetical questions; real behaviour;

References

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