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The "more is less" phenomenon in Contingent and Inferred valuation

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  • Stachtiaris, Spiros
  • Drichoutis, Andreas C.
  • Klonaris, Stathis

Abstract

2011) using the Contingent valuation (CV) as well as the Inferred valuation (IV) method (Lusk and Norwood 2009b). We find that when moving in the context of a familiar market for consumers (i.e., the food market) we only observe weak effects of inconsistencies. In addition, we find that the IV method is no better (and no worse) than the CV method in generating more consistent preference orderings. Surprisingly, we also find that the IV method generates higher valuations than CV, rendering one of its advantages of mitigating social desirability bias questionable.

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Paper provided by European Association of Agricultural Economists in its series 2011 International Congress, August 30-September 2, 2011, Zurich, Switzerland with number 116013.

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Date of creation: 02 Sep 2011
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Handle: RePEc:ags:eaae11:116013

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Keywords: willingness-to-pay (WTP); Contingent Valuation (CV); Inferred Valuation(IV); preference reversals; Resource /Energy Economics and Policy; C9; C93; D12; Q51;

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  1. Grether, David M & Plott, Charles R, 1979. "Economic Theory of Choice and the Preference Reversal Phenomenon," American Economic Review, American Economic Association, vol. 69(4), pages 623-38, September.
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  3. Rowe, Robert D. & Schulze, William D. & Breffle, William S., 1996. "A Test for Payment Card Biases," Journal of Environmental Economics and Management, Elsevier, vol. 31(2), pages 178-185, September.
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  6. Andreas C. Drichoutis & Panagiotis Lazaridis & Rodolfo M. Nayga Jr, 2009. "On Consumers' Valuation Of Nutrition Information," Bulletin of Economic Research, Wiley Blackwell, vol. 61(3), pages 223-247, 07.
  7. Irwin, Julie R, et al, 1993. " Preference Reversals and the Measurement of Environmental Values," Journal of Risk and Uncertainty, Springer, vol. 6(1), pages 5-18, January.
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  9. Fisher, Robert J, 1993. " Social Desirability Bias and the Validity of Indirect Questioning," Journal of Consumer Research, University of Chicago Press, vol. 20(2), pages 303-15, September.
  10. Darby, Michael R & Karni, Edi, 1973. "Free Competition and the Optimal Amount of Fraud," Journal of Law and Economics, University of Chicago Press, vol. 16(1), pages 67-88, April.
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  12. Payne, John W & Bettman, James R & Schkade, David A, 1999. "Measuring Constructed Preferences: Towards a Building Code," Journal of Risk and Uncertainty, Springer, vol. 19(1-3), pages 243-70, December.
  13. Jayson L. Lusk & F. Bailey Norwood, 2009. "An Inferred Valuation Method," Land Economics, University of Wisconsin Press, vol. 85(3), pages 500-514.
  14. Hsee, Christopher K., 1996. "The Evaluability Hypothesis: An Explanation for Preference Reversals between Joint and Separate Evaluations of Alternatives," Organizational Behavior and Human Decision Processes, Elsevier, vol. 67(3), pages 247-257, September.
  15. Gregory, Robin, 1999. "Commentary on "Measuring Constructed Preferences: Towards a Building Code" by Payne, Bettman and Schkade," Journal of Risk and Uncertainty, Springer, vol. 19(1-3), pages 273-75, December.
  16. Shwarz, Norbert, 1999. "Defensible Preferences and the Public: Commentary on "Measuring Constructed Preferences: Towards a Building Code" by Payne, Bettman and Schkade," Journal of Risk and Uncertainty, Springer, vol. 19(1-3), pages 271-72, December.
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  18. Seidl, Christian, 2002. " Preference Reversal," Journal of Economic Surveys, Wiley Blackwell, vol. 16(5), pages 621-55, December.
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