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Are Stated Preferences Invariant To The Prospect Of Real-Money Choice?

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Author Info
Newell, Laurienne Whinstanley
Swallow, Stephen
Abstract

This paper reports on a choice experiment where respondents stated their preferences for different wetland parcels. The study used hypothetical surveys to measure respondents' preferences, but in one survey version respondents expected and received a follow-up question involving real monetary payments. The results indicate that those respondents who received hypothetical surveys that included a real-money question registered a different preference function from those respondents who received a survey that asked respondents to answer hypothetical questions only. The study finds that respondents may reverse their preferences for parcel attributes, such as public access to the parcel as related to presentation.

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File URL: http://purl.umn.edu/19623
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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 19623.

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Date of creation: 2002
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Handle: RePEc:ags:aaea02:19623

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Keywords: Financial Economics;

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  1. Adamowicz W. & Louviere J. & Williams M., 1994. "Combining Revealed and Stated Preference Methods for Valuing Environmental Amenities," Journal of Environmental Economics and Management, Elsevier, vol. 26(3), pages 271-292, May. [Downloadable!] (restricted)
  2. Hausman, Jerry A, 1978. "Specification Tests in Econometrics," Econometrica, Econometric Society, vol. 46(6), pages 1251-71, November. [Downloadable!] (restricted)
  3. Johnston, Robert J. & Swallow, Stephen K. & Weaver, Thomas F., 1999. "Estimating Willingness to Pay and Resource Tradeoffs with Different Payment Mechanisms: An Evaluation of a Funding Guarantee for Watershed Management," Journal of Environmental Economics and Management, Elsevier, vol. 38(1), pages 97-120, July. [Downloadable!] (restricted)
  4. Karen Blumenschein & Magnus Johannesson & Glenn C. Blomquist & Bengt Liljas & Richard M. O’Conor, 1998. "Experimental Results on Expressed Certainty and Hypothetical Bias in Contingent Valuation," Southern Economic Journal, Southern Economic Association, vol. 65(1), pages 169-177, July.
  5. Todd L. Cherry & Jason F. Shogren, 2002. "Rationality Crossovers," Working Papers 02-03, Department of Economics, Appalachian State University.
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  6. John Loomis & Thomas Brown & Beatrice Lucero & George Peterson, 1996. "Improving Validity Experiments of Contingent Valuation Methods: Results of Efforts to Reduce the Disparity of Hypothetical and Actual Willingness to Pay," Land Economics, University of Wisconsin Press, vol. 72(4), pages 450-461. [Downloadable!] (restricted)
  7. Johannesson, Magnus & Liljas, Bengt & Johansson, Per-Olov, 1998. "An Experimental Comparison of Dichotomous Choice Contingent Valuation Questions and Real Purchase Decisions," Applied Economics, Taylor and Francis Journals, vol. 30(5), pages 643-47, May. [Downloadable!] (restricted)
  8. Taylor, Laura O., 1998. "Incentive Compatible Referenda And The Valuation Of Environmental Goods," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 27(2), October. [Downloadable!]
  9. Thomas C. Brown & Patricia A. Champ & Richard C. Bishop & Daniel W. McCollum, 1996. "Which Response Format Reveals the Truth about Donations to a Public Good?," Land Economics, University of Wisconsin Press, vol. 72(2), pages 152-166. [Downloadable!] (restricted)
  10. Patricia Champ & Richard Bishop, 2001. "Donation Payment Mechanisms and Contingent Valuation: An Empirical Study of Hypothetical Bias," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 19(4), pages 383-402, August. [Downloadable!] (restricted)
  11. Diamond, Peter A & Hausman, Jerry A, 1994. "Contingent Valuation: Is Some Number Better than No Number?," Journal of Economic Perspectives, American Economic Association, vol. 8(4), pages 45-64, Fall. [Downloadable!] (restricted)
  12. Spencer, Michael A. & Swallow, Stephen K. & Miller, Christopher J., 1998. "Valuing Water Quality Monitoring: A Contingent Valuation Experiment Involving Hypothetical And Real Payments," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 27(1), April. [Downloadable!]
  13. Johnston, Robert J. & Weaver, Thomas F. & Smith, Lynn A. & Swallow, Stephen K., 1995. "Contingent Valuation Focus Groups: Insights From Ethnographic Interview Techniques," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 24(1), April. [Downloadable!]
  14. Cherry, Todd L. & Crocker, Thomas D. & Shogren, Jason F., 2003. "Rationality spillovers," Journal of Environmental Economics and Management, Elsevier, vol. 45(1), pages 63-84, January. [Downloadable!] (restricted)
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