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A test for anchoring and yea-saying in experimental consumption data

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  • Soest, A.H.O. van

    (Tilburg University)

  • Hurd, M.

Abstract

In the experimental module of the AHEAD 1995 data, the sample is randomly split into respondents who get an open-ended question on the amount of total family consumption - with follow-up unfolding brackets (of the form: is consumption $X or more?) for those who answer don t know or refuse - and respondents who are immediately directed to unfolding brackets.In both cases, the entry point of the unfolding bracket sequence is randomized.These data are used to develop a nonparametric test for whether people make mistakes in answering the first bracket question, allowing for any type of selection into answering the open-ended question or not.Two well-known types of mistakes are considered: anchoring and yea-saying (or acquiescence).While the literature provides ample evidence that the entry point in the first bracket question serves as an anchor for follow-up bracket questions, it is less clear whether the answers to the first bracket question are already affected by anchoring.We reject the joint hypothesis of no anchoring and no yea-saying at the entry point.Once yea-saying is taken into account, there is no evidence of anchoring.

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Bibliographic Info

Paper provided by Tilburg University in its series Open Access publications from Tilburg University with number urn:nbn:nl:ui:12-210599.

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Date of creation: 2008
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Publication status: Published in Journal of the American Statistical Association (2008) v.103, p.126-136
Handle: RePEc:ner:tilbur:urn:nbn:nl:ui:12-210599

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Web page: http://www.tilburguniversity.edu/

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  1. P. Frykblom & Jason Shogren, 2000. "An Experimental Testing of Anchoring Effects in Discrete Choice Questions," Environmental & Resource Economics, European Association of Environmental and Resource Economists, European Association of Environmental and Resource Economists, vol. 16(3), pages 329-341, July.
  2. Kevin J. Boyle & Hugh F. MacDonald & Hsiang-tai Cheng & Daniel W. McCollum, 1998. "Bid Design and Yea Saying in Single-Bounded, Dichotomous-Choice Questions," Land Economics, University of Wisconsin Press, vol. 74(1), pages 49-64.
  3. Herriges, Joseph A. & Shogren, Jason F., 1996. "Starting Point Bias in Dichotomous Choice Valuation with Follow-Up Questioning," Journal of Environmental Economics and Management, Elsevier, vol. 30(1), pages 112-131, January.
  4. Donald Green & Karen Jacowitz & Daniel Kahneman & Daniel McFadden, 1995. "Referendum Contingent Valuation, Anchoring, and Willingness to Pay for Public Goods," Working Papers, University of California at Berkeley, Econometrics Laboratory Software Archive _010, University of California at Berkeley, Econometrics Laboratory Software Archive.
  5. Michael D. Hurd, 1999. "Anchoring and Acquiescence Bias in Measuring Assets in Households Surveys," Working Papers, RAND Corporation Publications Department 99-02, RAND Corporation Publications Department.
  6. Richard O‘Conor & Magnus Johannesson & Per-Olov Johansson, 1999. "Stated Preferences, Real Behaviour and Anchoring: Some Empirical Evidence," Environmental & Resource Economics, European Association of Environmental and Resource Economists, European Association of Environmental and Resource Economists, vol. 13(2), pages 235-248, March.
  7. F. Thomas Juster & James P. Smith, 2004. "Improving the Quality of Economic Data: Lessons from the HRS and AHEAD," Labor and Demography, EconWPA 0402010, EconWPA.
  8. Lee, Lung-Fei & Porter, Robert H, 1984. "Switching Regression Models with Imperfect Sample Separation Information-With an Application on Cartel Stability," Econometrica, Econometric Society, Econometric Society, vol. 52(2), pages 391-418, March.
  9. Cameron Trudy Ann & Quiggin John, 1994. "Estimation Using Contingent Valuation Data from a Dichotomous Choice with Follow-Up Questionnaire," Journal of Environmental Economics and Management, Elsevier, vol. 27(3), pages 218-234, November.
  10. Hausman, J. A. & Abrevaya, Jason & Scott-Morton, F. M., 1998. "Misclassification of the dependent variable in a discrete-response setting," Journal of Econometrics, Elsevier, Elsevier, vol. 87(2), pages 239-269, September.
  11. Manski, C.F., 1990. "The Selection Problem," Working papers, Wisconsin Madison - Social Systems 90-12, Wisconsin Madison - Social Systems.
  12. Manski, C.F., 1992. "Identification Problems in the Social Sciences," Working papers, Wisconsin Madison - Social Systems 9217, Wisconsin Madison - Social Systems.
  13. Michael D. Hurd & Daniel McFadden & Harish Chand & Li Gan & Angela Menill & Michael Roberts, 1998. "Consumption and Savings Balances of the Elderly: Experimental Evidence on Survey Response Bias," NBER Chapters, National Bureau of Economic Research, Inc, in: Frontiers in the Economics of Aging, pages 353-392 National Bureau of Economic Research, Inc.
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Cited by:
  1. Thomas F. Crossley & Joachim K. Winter, 2013. "Asking Households About Expenditures: What Have We Learned?," NBER Working Papers 19543, National Bureau of Economic Research, Inc.
  2. Jay Bhattacharya & Adam Isen, 2008. "On Inferring Demand for Health Care in the Presence of Anchoring, Acquiescence, and Selection Biases," NBER Working Papers 13865, National Bureau of Economic Research, Inc.
  3. Munro, Alistair, 2007. "When is some number really better than no number? On the optimal choice between non-market valuation methods," MPRA Paper 8978, University Library of Munich, Germany.
  4. Kleinjans, Kristin J. & van Soest, Arthur, 2010. "Nonresponse and Focal Point Answers to Subjective Probability Questions," IZA Discussion Papers 5272, Institute for the Study of Labor (IZA).
  5. Kristin J. Kleinjans & Jinkook Lee, 2006. "The link between individual expectations and savings: Do nursing home expectations matter?," Economics Working Papers, School of Economics and Management, University of Aarhus 2006-05, School of Economics and Management, University of Aarhus.
  6. Deborah A. Cobb-Clark & Steve Stillman, 2006. "The Retirement Expectations of Middle-Aged Individuals," CEPR Discussion Papers, Centre for Economic Policy Research, Research School of Economics, Australian National University 540, Centre for Economic Policy Research, Research School of Economics, Australian National University.

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