Accommodating satisficing behaviour in stated choice experiments
Erlend Dancke Sandorf and
Danny Campbell ()
European Review of Agricultural Economics, 2019, vol. 46, issue 1, 133-162
Accumulating evidence suggests that respondents in stated choice experiments use simplifying strategies. Such behaviour is a deviation from random utility theory and can lead to wrong inferences regarding preferences. This is a first attempt to systematically explore satisficing in stated choice experiments. We consider 944 satisficing rules and allow respondents to revise the rules adopted throughout the choice sequence. Only a minority of respondents used the same satisficing rule across the entire sequence. Allowing for updating reveals that the use of the heuristic changes over the choice sequence. Considering satisficing behaviour leads to improved model fits and different marginal willingness-to-pay estimates.
Keywords: random utility maximisation; satisficing; stated choice experiments (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)
Access to full text is restricted to subscribers.
Working Paper: Accommodating satisficing behavior in stated choice experiments (2016)
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:oup:erevae:v:46:y:2019:i:1:p:133-162.
Ordering information: This journal article can be ordered from
Access Statistics for this article
European Review of Agricultural Economics is currently edited by Christoph Weiss, Thomas Heckelei and Paolo Sckokai
More articles in European Review of Agricultural Economics from Foundation for the European Review of Agricultural Economics Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK. Contact information at EDIRC.
Bibliographic data for series maintained by Oxford University Press ().