Irrational Responses in Contingent Valuation and Their Potential Impacts on Mean Stated Willingness-to-pay

Senhui He, Wojciech J. Florkowski and Jeffrey Jordan ()

No 24914, 2002 International Congress, August 28-31, 2002, Zaragoza, Spain from European Association of Agricultural Economists

Abstract: This paper addresses the issue of rationality of responses in contingent valuation. We found a significant portion of respondents stated a positive willingness-to-pay for a project they perceived to be worthless. The irrational responses had a significant impact on the mean stated willingness-to-pay and the effect can not be removed by simply excluding the those observations from estimation. The dichotomous-choice elicitation format helps to mitigate the effect of the irrational responses, but can not completely solve the problem.

Keywords: Consumer/Household; Economics (search for similar items in EconPapers)
Pages: 16
Date: 2002
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Persistent link: https://EconPapers.repec.org/RePEc:ags:eaae02:24914

DOI: 10.22004/ag.econ.24914

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