Does a promise script work to reduce the hypothetical bias? Evidence from an induced value experiment

Botao Qin

Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), 2020, vol. 14, No 2020-11, 15 pages

Abstract: This paper explores whether a truth-telling promise can work to reduce the hypothetical bias in preference elicitation. Using an induced value experiment in China with a random nth-price auction, the author finds: 1) Hypothetical bias exists in a random nth-price auction with induced values and making a truth-telling promise can reduce the hypothetical bias. 2) All treatments are demand-revealing except for the hypothetical baseline.

Keywords: Hypothetical bias; oath; random nth-price auction; induced value experiment (search for similar items in EconPapers)
JEL-codes: C90 D44 O51 (search for similar items in EconPapers)
Date: 2020
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http://dx.doi.org/10.5018/economics-ejournal.ja.2020-11
https://www.econstor.eu/bitstream/10419/216834/1/169718880X.pdf (application/pdf)

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Working Paper: Does a promise script work to reduce the hypothetical bias? Evidence from an induced value experiment (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:ifweej:202011

DOI: 10.5018/economics-ejournal.ja.2020-11

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