Real consequences matter: Why hypothetical biases in the valuation of time persist even in controlled lab experiments
Stefanie Peer (),
Rostislav Staněk and
Economics of Transportation, 2019, vol. 20, issue C
In a controlled lab experiment, we investigate hypothetical biases in the value of time by comparing stated preference (SP) and revealed preference (RP) values attached to unexpected waiting times. The SP and RP choice sets are identical in terms of design with the only difference being that the RP choices have real consequences in terms of unexpected waiting times and monetary incentives. We find a substantial hypothetical bias with the average SP value of time being only 70% of the corresponding RP value. The bias is mainly driven by participants who have scheduling constraints during the time of the unexpected wait. Scheduling constraints are taken into account to a much lesser extent in the SP setting than in the RP setting, presumably because only in the latter, the consequences of ignoring them are costly. We find evidence that this effect is stronger for persons with relatively low cognitive ability.
Keywords: Valuation of time; Hypothetical bias; Stated preference; Revealed preference; Waiting time (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
Full text for ScienceDirect subscribers only
Working Paper: Real consequences matters: why hypothetical biases in the valuation of time persist even in controlled lab experiments (2019)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:eee:ecotra:v:20:y:2019:i:c:s2212012219300139
Access Statistics for this article
Economics of Transportation is currently edited by Mogens Fosgerau and Erik Verhoef
More articles in Economics of Transportation from Elsevier
Bibliographic data for series maintained by Haili He ().