The "more is less" phenomenon in Contingent and Inferred valuation
Abstract2011) 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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by European Association of Agricultural Economists in its series 2011 International Congress, August 30-September 2, 2011, Zurich, Switzerland with number 116013.
Date of creation: 02 Sep 2011
Date of revision:
willingness-to-pay (WTP); Contingent Valuation (CV); Inferred Valuation(IV); preference reversals; Resource /Energy Economics and Policy; C9; C93; D12; Q51;
Other versions of this item:
- Stachtiaris, Spiros & Drichoutis, Andreas & Klonaris, Stathis, 2011. "The “more is less” phenomenon in Contingent and Inferred valuation," MPRA Paper 29456, University Library of Munich, Germany.
- D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
- C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General
- Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
- C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
This paper has been announced in the following NEP Reports:
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.:
- 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.
- Grether, David M. & Plott, Charles R., . "Economic Theory of Choice and the Preference Reversal Phenomenon," Working Papers 152, California Institute of Technology, Division of the Humanities and Social Sciences.
- Christopher G. Leggett & Naomi S. Kleckner & Kevin J. Boyle & John W. Dufield & Robert Cameron Mitchell, 2003. "Social Desirability Bias in Contingent Valuation Surveys Administered Through In-Person Interviews," Land Economics, University of Wisconsin Press, vol. 79(4), pages 561-575.
- 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.
- Julie A. Caswell & Eliza M. Mojduszka, 1996.
"Using Informational Labeling to Influence the Market for Quality in Food Products,"
American Journal of Agricultural Economics,
Agricultural and Applied Economics Association, vol. 78(5), pages 1248-1253.
- Caswell, Julie A. & Mojduszka, Eliza M., 1996. "Using Informational Labeling To Influence The Market For Quality In Food Products," Working Papers 25989, Regional Research Project NE-165 Private Strategies, Public Policies, and Food System Performance.
- Lusk, Jayson L. & Norwood, F. Bailey, 2009. "Bridging the gap between laboratory experiments and naturally occurring markets: An inferred valuation method," Journal of Environmental Economics and Management, Elsevier, vol. 58(2), pages 236-250, September.
- 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.
- 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.
- Jonathan E. Alevy & John A. List & Wiktor L. Adamowicz, 2011.
"How Can Behavioral Economics Inform Nonmarket Valuation? An Example from the Preference Reversal Literature,"
University of Wisconsin Press, vol. 87(3), pages 365-381.
- Jonathan Alevy & John List & Vic Adamowicz, 2010. "How can behavioral economics inform non-market valuation? An example from the preference reversal literature," Artefactual Field Experiments 00002, The Field Experiments Website.
- Jonathan E. Alevy & John List & Wiktor Adamowicz, 2010. "How Can Behavioral Economics Inform Non-Market Valuation? An Example from the Preference Reversal Literature," NBER Working Papers 16036, National Bureau of Economic Research, Inc.
- Jonathan E. Alevy & John A. List & Wiktor Adamowicz, 2010. "How can Behavioral Economics Inform Non-Market Valuation? An Example from the Preference Reversal Literature," Working Papers 2010-08, University of Alaska Anchorage, Department of Economics.
- 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.
- 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.
- John A. List, 2002. "Preference Reversals of a Different Kind: The "More Is Less" Phenomenon," American Economic Review, American Economic Association, vol. 92(5), pages 1636-1643, December.
- 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.
- Jayson L. Lusk & F. Bailey Norwood, 2009. "An Inferred Valuation Method," Land Economics, University of Wisconsin Press, vol. 85(3), pages 500-514.
- 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.
- 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.
- 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.
- John A. List & Robert P. Berrens & Alok K. Bohara & Joe Kerkvliet, 2004. "Examining the Role of Social Isolation on Stated Preferences," American Economic Review, American Economic Association, vol. 94(3), pages 741-752, June.
- Seidl, Christian, 2002. " Preference Reversal," Journal of Economic Surveys, Wiley Blackwell, vol. 16(5), pages 621-55, December.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (AgEcon Search).
If references are entirely missing, you can add them using this form.