Incentive Incompatibility and Starting-Point Bias in Iterative Valuation Questions
AbstractWe 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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Bibliographic InfoArticle provided by University of Wisconsin Press in its journal Land Economics.
Volume (Year): 78 (2002)
Issue (Month): 2 ()
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Web page: http://le.uwpress.org/
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- > Environmental and Natural Resource Economics > Environmental Economics > Valuation > Contingent valuation method > Question format and econometric issues
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