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How can Behavioral Economics Inform Non-Market Valuation? An Example from the Preference Reversal Literature

Jonathan E. Alevy (), John List () and Wiktor Adamowicz ()

No 2010-08, Working Papers from University of Alaska Anchorage, Department of Economics

Abstract: Psychological insights have made inroads within most areas of study in economics. One area where less advance has occurred is environmental and resource economics. In this study, we examine preference reversals over evaluation modes, in which economic values critically depend on whether a good is valued jointly with others, or in isolation. The question arises because two methods for eliciting stated preferences differ in that one presents objects together and another presents them in isolation. Our empirical evidence demonstrates the import of behavioral economics, and sheds new light on the possible insensitivity of valuations to the scope of the good.

Keywords: field; experiment (search for similar items in EconPapers)
JEL-codes: C93 Q51 (search for similar items in EconPapers)
Date: 2010
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Related works:
Journal Article: How Can Behavioral Economics Inform Nonmarket Valuation? An Example from the Preference Reversal Literature (2011) Downloads
Working Paper: How can behavioral economics inform non-market valuation? An example from the preference reversal literature (2010) Downloads
Working Paper: How Can Behavioral Economics Inform Non-Market Valuation? An Example from the Preference Reversal Literature (2010) Downloads
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