Experience, Expectations and Hindsight: Evidence of a Cognitive Wedge in Stated Preference Retrospectives
This paper combines fishing trip decisions - made before observing trip outcomes - with responses to set of double-bounded dichotomous choice CV questions regarding the outcome of the trip, to explore cognitive elements of choice and their implications for decision modeling and welfare analysis. Extending the approach taken by McConnell et al. (1999), wherein the unobserved component of random utility is linked between the trip decision and the retrospective trip evaluation, we decompose the unobserved component into linked and independent elements, and make the linked component a function of cognitive factors hypothesized as affecting differences between the RP and SP responses. Results suggest that a significant "wedge" exists between the closely related trip decision and its retrospective valuation, and that this wedge is not fully explained by factors such as experience, recall, and unobserved time costs.
|Date of creation:||Mar 2004|
|Contact details of provider:|| Postal: 427 Lorch Street, Madison, WI 53706-1503|
Web page: http://www.aae.wisc.edu/pubs/sps/
More information through EDIRC
References listed on IDEAS
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.:
- Timothy C. Haab & Ju-Chin Huang & John C. Whitehead, 1999.
"Are Hypothetical Referenda Incentive Compatible? A Comment,"
Journal of Political Economy,
University of Chicago Press, vol. 107(1), pages 186-196, February.
- Timothy C. Haab & Ju-Chin Huang & John C. Whitehead, "undated". "Are Hypothetical Referenda Incentive Compatible? A Comment," Working Papers 9708, East Carolina University, Department of Economics.
- Adamowicz, Wiktor & Swait, Joffre & Boxall, Peter & Louviere, Jordan & Williams, Michael, 1997. "Perceptions versus Objective Measures of Environmental Quality in Combined Revealed and Stated Preference Models of Environmental Valuation," Journal of Environmental Economics and Management, Elsevier, vol. 32(1), pages 65-84, January.
- Hensher, David & Louviere, Jordan & Swait, Joffre, 1998. "Combining sources of preference data," Journal of Econometrics, Elsevier, vol. 89(1-2), pages 197-221, November.
- John Conlisk, 1996. "Why Bounded Rationality?," Journal of Economic Literature, American Economic Association, vol. 34(2), pages 669-700, June.
- Weninger, Quinn & Herriges, Joseph A. & Kling, Catherine L. & McConnell, Kenneth & Strand, Ivar, 1999. "Joint Estimation of Contingent Valuation and Truncated Recreational Demands," Staff General Research Papers Archive 5349, Iowa State University, Department of Economics.
- Cameron, Trudy Ann & Poe, Gregory L. & Ethier, Robert G. & Schulze, William D., 2002. "Alternative Non-market Value-Elicitation Methods: Are the Underlying Preferences the Same?," Journal of Environmental Economics and Management, Elsevier, vol. 44(3), pages 391-425, November.
- Swait, Joffre & Bernardino, Adriana, 2000. "Distinguishing taste variation from error structure in discrete choice data," Transportation Research Part B: Methodological, Elsevier, vol. 34(1), pages 1-15, January.
- Michael Hanemann & John Loomis & Barbara Kanninen, 1991. "Statistical Efficiency of Double-Bounded Dichotomous Choice Contingent Valuation," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 73(4), pages 1255-1263.
- Niklitschek+, Mario & Leon+, Javier, 1996. "Combining Intended Demand and Yes/No Responses in the Estimation of Contingent Valuation Models," Journal of Environmental Economics and Management, Elsevier, vol. 31(3), pages 387-402, November.
- Bill Provencher & Kenneth A. Baerenklau & Richard C. Bishop, 2002. "A Finite Mixture Logit Model of Recreational Angling with Serially Correlated Random Utility," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 84(4), pages 1066-1075.
- Provencher, Bill & Bishop, Richard C., 1997. "An Estimable Dynamic Model of Recreation Behavior with an Application to Great Lakes Angling," Journal of Environmental Economics and Management, Elsevier, vol. 33(2), pages 107-127, June.
- Matthew Rabin, 1998. "Psychology and Economics," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 11-46, March.
- Matthew Rabin., 1997. "Psychology and Economics," Economics Working Papers 97-251, University of California at Berkeley.
- Rabin, Matthew, 1997. "Psychology and Economics," Department of Economics, Working Paper Series qt8jd5z5j2, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- M. K. Haener & P. C. Boxall & W. L. Adamowicz, 2001. "Modeling Recreation Site Choice: Do Hypothetical Choices Reflect Actual Behavior?," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 83(3), pages 629-642.
- Haener, Michel K. & Boxall, Peter C. & Adamowicz, Wiktor L., 2000. "Modeling Recreation Site Choice: Do Hypothetical Choices Reflect Actual Behavior?," Staff Paper Series 24124, University of Alberta, Department of Resource Economics and Environmental Sociology.
- Trudy Ann Cameron, 1992. "Combining Contingent Valuation and Travel Cost Data for the Valuation of Nonmarket Goods," Land Economics, University of Wisconsin Press, vol. 68(3), pages 302-317.
- Herriges, Joseph A. & Kling, Catherine L. & Phaneuf, Daniel J., 1999. "Corner Solution Models of Recreation Demand: A Comparison of Competing Frameworks," Staff General Research Papers Archive 1513, Iowa State University, Department of Economics.
- 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.
- Adamowicz, Wiktor L. & Louviere, J. & Willians, M., 1992. "Combining Revealed and Stated Preference Methods for Valuing Environmental Amenities," Staff Paper Series 232531, University of Alberta, Department of Resource Economics and Environmental Sociology.
- Hanemann, W. Michael, 1983. "Marginal welfare measures for discrete choice models," Economics Letters, Elsevier, vol. 13(2-3), pages 129-136. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:ecl:wisagr:468. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ()
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.