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Cheap Talk Reconsidered: New Evidence from CVM

Author

Listed:
  • David Aadland
  • Arthur Caplan

Abstract

Two recent studies have shown that “cheap talk” is an effective means of eliminating positive hypothetical bias in experimental and field-auction settings. We further investigate the ability of cheap talk to mitigate positive hypothetical bias in a CVM phone survey administered to over 4,000 households. Positive hypothetical bias is first detected in our data by contrasting revealed and stated preference information. However, a short, neutral cheap-talk script appears to exacerbate rather than mitigate the bias. Based on this and mixed evidence from earlier studies, we suggest caution in using cheap talk as an ex ante control for hypothetical bias.

Suggested Citation

  • David Aadland & Arthur Caplan, 2002. "Cheap Talk Reconsidered: New Evidence from CVM," Working Papers 2002-20, Utah State University, Department of Economics.
    • Handle: RePEc:usu:wpaper:2002-20
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    File URL: https://repec.bus.usu.edu/RePEc/usu/pdf/ERI2002-20.pdf
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    JEL classification:

    • Q26 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Recreational Aspects of Natural Resources
    • C35 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions

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