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Effects Of Cheap Talk On Consumer Willingness-To-Pay For Golden Rice

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Author Info
Lusk, Jayson

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Abstract

A large body of literature suggests individuals behave differently when responding to hypothetical valuation questions than when actual payment is required. Such findings have generated a great deal of skepticism over the use of the contingent valuation method and benefit measures derived from it. Recently, a new method, cheap talk, has been proposed to eliminate the potential bias in hypothetical valuation questions. Cheap talk refers to process of explaining hypothetical bias to individuals prior to asking a valuation question. This study explores the effect of cheap talk in a mass mail survey using a conventional value elicitation technique. Results suggest that cheap talk was effective at reducing willingness-to-pay for most survey participants. However, consistent with previous research, cheap talk did not reduce willingness-to-pay for consumers who were knowledgeable of the good evaluated.

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Publisher Info
Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2002 Annual meeting, July 28-31, Long Beach, CA with number 19597.

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Date of creation: 2002
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Handle: RePEc:ags:aaea02:19597

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Related research
Keywords: Consumer/Household Economics; Demand and Price Analysis;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. John A. List & Paramita Sinha & Michael H. Taylor, . "Using Choice Experiments to Value Non-Market Goods and Services: Evidence from Field Experiments," Natural Field Experiments 0052, The Field Experiments Website. [Downloadable!]
  2. John A. List & J. Shogren, 1998. "Calibration of the difference between actual and hypothetical valuations in a field experiment," Framed Field Experiments 0038, The Field Experiments Website. [Downloadable!]
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  3. Trudy Ann Cameron, 1991. "Interval Estimates of Non-Market Resource Values from Referendum Contingent Valuation Surveys," Land Economics, University of Wisconsin Press, vol. 67(4), pages 413-421. [Downloadable!] (restricted)
  4. Lusk, Jayson L. & Hudson, Darren, 2004. "Effect of monitor-subject cheap talk on ultimatum game offers," Journal of Economic Behavior & Organization, Elsevier, vol. 54(3), pages 439-443, July. [Downloadable!] (restricted)
  5. Lusk, Jayson L. & Moore, Melissa & House, Lisa O. & Morrow, Bert, 2001. "Influence Of Brand Name And Type Of Modification On Consumer Acceptance Of Genetically Engineered Corn Chips: A Preliminary Analysis," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association (IAMA), vol. 4(04). [Downloadable!]
  6. 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. [Downloadable!] (restricted)
  7. Timothy C. Haab & Ju-Chin Huang & John C. Whitehead, 1999. "Are Hypothetical Referenda Incentive Compatible? A Comment," Journal of Political Economy, University of Chicago Press, vol. 107(1), pages 186-196, February. [Downloadable!] (restricted)
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  8. Noussair, Charles & Robin, Stephane & Ruffieux, Bernard, 2002. "Do consumers not care about biotech foods or do they just not read the labels?," Economics Letters, Elsevier, vol. 75(1), pages 47-53, March. [Downloadable!] (restricted)
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  9. Fox, John A. & Shogren, Jason F. & Hayes, Dermot J. & Kliebenstein, James B., 1999. "CVM-X: Calibrating Contingent Values with Experimental Auction Markets," Staff General Research Papers 1311, Iowa State University, Department of Economics.
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  10. List, John A. & Margolis, Michael & Shogren, Jason F., 1998. "Hypothetical-actual bid calibration of a multigood auction," Economics Letters, Elsevier, vol. 60(3), pages 263-268, September. [Downloadable!] (restricted)
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  11. Cameron, Trudy Ann, 1988. "A new paradigm for valuing non-market goods using referendum data: Maximum likelihood estimation by censored logistic regression," Journal of Environmental Economics and Management, Elsevier, vol. 15(3), pages 355-379, September. [Downloadable!] (restricted)
  12. Timothy C. Haab, . "Estimation Using Contingent Valuation Data from a 'Dichotomous Choice with Follow-Up' Questionnaire: A Comment," Working Papers 9712, East Carolina University, Department of Economics. [Downloadable!]
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  13. Trudy Ann Cameron & John Quiggin, 1992. "Estimation Using Contingent Valuation Data From a "Dichotomous Choice with Follow-Up" Questionnaire," UCLA Economics Working Papers 653, UCLA Department of Economics. [Downloadable!]
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  14. Shogren, Jason F & List, John A & Hayes, Dermot J, 2000. " Preference Learning in Consecutive Experimental Auctions," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 82(4), pages 1016-21, November. [Downloadable!] (restricted)
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  15. John A. List, 2001. "Do Explicit Warnings Eliminate the Hypothetical Bias in Elicitation Procedures? Evidence from Field Auctions for Sportscards," American Economic Review, American Economic Association, vol. 91(5), pages 1498-1507, December. [Downloadable!] (restricted)
  16. Jayson L. Lusk & Jutta Roosen & John A. Fox, 2003. "Demand for Beef from Cattle Administered Growth Hormones or Fed Genetically Modified Corn: A Comparison of Consumers in France, Germany, the United Kingdom, and the United States," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 85(1), pages 16-29, 02. [Downloadable!] (restricted)
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