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An Inferred Valuation Method

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  • Jayson L. Lusk
  • F. Bailey Norwood

Abstract

Although estimates of people’s values for public goods are often needed to conduct costbenefit analysis, existing value elicitation methods are prone to a number of well-documented biases. We argue that some of these biases result because people derive utility from the act of saying they are willing to pay for a good. To counteract this phenomenon, we consider an approach that asks people to predict or infer others’ values for a good instead of asking people to state their own value. Both a conceptual model and results from a laboratory experiment lend support for the new approach.

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Bibliographic Info

Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 85 (2009)
Issue (Month): 3 ()
Pages: 500-514

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Handle: RePEc:uwp:landec:v:85:y:2009:i:3:p:500-514

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Web page: http://le.uwpress.org/

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Cited by:
  1. Olynk, Nicole J. & Tonsor, Glynn T. & Wolf, Christopher A., 2010. "Consumer Willingness to Pay for Livestock Credence Attribute Claim Verification," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 35(2), August.
  2. Jayson Lusk & F. Norwood, 2010. "Direct Versus Indirect Questioning: An Application to the Well-Being of Farm Animals," Social Indicators Research, Springer, vol. 96(3), pages 551-565, May.
  3. Eriksson, Stefan & Johansson, Per & Langenskiöld, Sophie, 2012. "What is the right profile for getting a job? A stated choice experiment of the recruitment process," Working Paper Series, Center for Labor Studies 2012:16, Uppsala University, Department of Economics.
  4. Stachtiaris, Spiros & Drichoutis, Andreas C. & Klonaris, Stathis, 2011. "The "more is less" phenomenon in Contingent and Inferred valuation," 2011 International Congress, August 30-September 2, 2011, Zurich, Switzerland 116013, European Association of Agricultural Economists.
  5. Grebitus, Carola & Colson, Gregory & Menapace, Luisa, 2012. "A comparison of hypothetical survey rankings with consumer shopping behavior and product knowledge," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 44(01), February.
  6. Fredrik Carlsson & Mitesh Kataria & Alan Krupnick & Elina Lampi & Asa Löfgren & Ping Qin & Thomas Sterner & Susie Chung, 2010. "The Truth, the Whole Truth, and Nothing but the Truth A Multiple Country Test of an Oath Script," Jena Economic Research Papers 2010-076, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics.
  7. Silva, Andres & Nayga, Rodolfo M., Jr. & Campbell, Benjamin L. & Park, John L., 2011. "Revisiting Cheap Talk with New Evidence from a Field Experiment," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 36(2), August.
  8. Grebitus, Carola & Lusk, Jayson L. & Nayga, Rodolfo M., 2013. "Explaining differences in real and hypothetical experimental auctions and choice experiments with personality," Journal of Economic Psychology, Elsevier, vol. 36(C), pages 11-26.
  9. Loomis, John B., 2014. "2013WAEA Keynote Address: Strategies for Overcoming Hypothetical Bias in Stated Preference Surveys," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 39(1), April.

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