Are Choice Experiments Incentive Compatible? A Test with Quality Differentiated Beef Steaks

Jayson Lusk and Ted Schroeder

American Journal of Agricultural Economics, 2004, vol. 86, issue 2, 467-482

Abstract: This study compares hypothetical and nonhypothetical responses to choice experiment questions. We test for hypothetical bias in a choice experiment involving beef ribeye steaks with differing quality attributes. In general, hypothetical responses predicted higher probabilities of purchasing beef steaks than nonhypothetical responses. Thus, hypothetical choices overestimate total willingness-to-pay for beef steaks. However, marginal willingness-to-pay for a change in steak quality is, in general, not statistically different across hypothetical and actual payment settings. Copyright 2004, Oxford University Press.

Date: 2004
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