This study investigates whether or not the scale bias found in contingent valuation (CVM) studies on mortality risk reductions is a result of cognitive restraints among respondents. Scale bias refers to insensitivity and non near-proportionality of the respondents' willingness to pay (WTP) to the size of the risk reduction. Two hundred Swedish students participated in an experiment where their cognitive ability was tested before they took part in a CVM-study where they were asked about their WTP to reduce bus-mortality risk. The results imply that WTP answers from respondents with a higher cognitive ability are less flawed by scale bias.
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Publisher Info
Paper provided by Örebro University, Swedish Business School in its series Working Papers with number
2006:7.
Length: 28 pages Date of creation: 26 Oct 2006 Date of revision:
12 Feb 2007 Publication status: Published in Environmental and Resource Economics, 2006, pages 481-495. Handle: RePEc:hhs:oruesi:2006_007
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