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Incentive Incompatibility and Starting-Point Bias in Iterative Valuation Questions

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Author Info
John C. Whitehead

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Abstract

We test for incentive incompatibility and starting-point bias to describe the effects of iterative valuation questions on willingness to pay. We compare double-, triple-, and multiplebounded models with data from two surveys with similar designs of the valuation questions. We find that incentive incompatibility is present in both sets of data and starting-point bias is present in one. The efficiency of the willingness-to-pay estimate is improved in only one set of data. The potential loss from using iterative questions without controlling for both incentive incompatibility and starting-point bias is biased willingness-topay estimates.

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File URL: http://le.uwpress.org/cgi/reprint/78/2/285
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Publisher Info
Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 78 (2002)
Issue (Month): 2 ()
Pages: 285-297
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Handle: RePEc:uwp:landec:v:78:y:2002:i:2:p:285-297

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Q26 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Recreational Aspects of Natural Resources

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  1. Racevskis, Laila & Lupi, Frank, 2008. "Incentive Compatibility in an Attribute-Based Referendum Model," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 6477, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  2. M. Genius & Elisabetta Strazzera, 2005. "Modeling Elicitation effects in contingent valuation studies: a Monte Carlo Analysis of the bivariate approach," Working Paper CRENoS 200502, Centre for North South Economic Research, University of Cagliari and Sassari, Sardinia. [Downloadable!]
  3. David Aadland & Arthur Caplan & Owen Phillips, 2007. "A Bayesian examination of information and uncertainty in contingent valuation," Journal of Risk and Uncertainty, Springer, vol. 35(2), pages 149-178, October. [Downloadable!] (restricted)
  4. Stephane Luchini & Frédéric Aprahamian & Olivier Chanel, 2006. "Heterogeneous anchoring and the shift effect in iterative valuation questions," Working Papers halshs-00409676_v1, HAL. [Downloadable!]
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  5. John C. Whitehead, 2005. "Improving Willingness to Pay Estimates for Quality Improvements through Joint Estimation with Quality Perceptions," Working Papers 05-09, Department of Economics, Appalachian State University. [Downloadable!]
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  6. Emmanuel Flachaire & Guillaume Hollard, 2005. "Controlling starting-point bias in double-bounded contingent valuation surveys," Cahiers de la Maison des Sciences Economiques v05076, Université Panthéon-Sorbonne (Paris 1). [Downloadable!]
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  7. David Aadland & Arthur J. Caplan, 2003. "Curbside Recycling: Waste Resource or Waste of Resources?," Others 0310001, EconWPA. [Downloadable!]
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  8. Aadland, David & Anatchkova, Bistra & Grandjean, Burke & Shogren, Jason & Simon, Benjamin & Taylor, Patricia, 2008. "Valuing Access to U.S. Public Lands: A Unique Pricing Experiment," MPRA Paper 8724, University Library of Munich, Germany. [Downloadable!]
  9. Emmanuel Flachaire & Guillaume Hollard, 2008. "Individual sensitivity to framing effects," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00176025_v1, HAL. [Downloadable!]
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  10. Emmanuel Flachaire & Guillaume Hollard, 2007. "Starting-point bias and respondent uncertainty in dichotomous choice contingent valuation surveys," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00175925_v1, HAL. [Downloadable!]
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