Hypothetical Bias, Consequentiality and Choice Experiments

Craig Broadbent ()
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Craig Broadbent: Illinois Wesleyan University

Economics Bulletin, 2012, vol. 32, issue 3, 2490-2499

Abstract: The presence of hypothetical bias in stated preference methods has led many researchers to look for methods to ameliorate the bias. This paper investigates the use of a consequentiality question to calibrate stated preference data from a controlled laboratory experiment using a choice experimental framework. Results suggest evidence of hypothetical bias using a likelihood ratio test, however, when comparing marginal willingness to pay results statistical evidence of the bias is not found. The finding of equal marginal willingness to pay could be due to the high number of participants who perceived the survey as potentially consequential.

Keywords: hypothetical bias; choice experiments; consequential (search for similar items in EconPapers)
JEL-codes: C9 H4 (search for similar items in EconPapers)
Date: 2012-09-09
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Citations: View citations in EconPapers (8)

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