An Experimental Validation of Hypothetical WTP for a Recyclable Product
Aurora García-Gallego (),
Nikolaos Georgantzís () and
Authors registered in the RePEc Author Service: Eva Camacho Cuena ()
Environmental & Resource Economics, 2004, vol. 27, issue 3, 313-335
Using a within-subject experiment, we compare hypothetical andreal willingness to pay (WTP) for an improvement in therecyclability of a product. Subjects are faced with a real paymentscenario after they have responded to a hypothetical question.Contrary to most of the results obtained in similar studies, at apopulation level, there are no significant median differencesbetween actual and hypothetical stated values of WTP. However,within-subject comparisons between hypothetical and actual valuesindicate that subjects stating a low (high) hypothetical WTP tendto underestimate (overestimate) the value of their actualcontributions. Copyright Kluwer Academic Publishers 2004
Keywords: contingent valuation; laboratory experiments; product design; product recyclability; vertical differentiation; willingness to pay (search for similar items in EconPapers)
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