The “more is less” phenomenon in Contingent and Inferred valuation
Andreas Drichoutis () and
Stathis Klonaris ()
MPRA Paper from University Library of Munich, Germany
We examine inconsistencies in preference orderings of the “more is less” kind (Alevy et al. 2011) using the Contingent valuation (CV) and the Inferred valuation (IV) method (Lusk and Norwood 2009a, 2009b). We find that when moving in a familiar market for consumers (i.e., the food market) we only observe weak effects of inconsistencies. In addition, we find that the IV method is no better than the CV method in generating more consistent preference orderings. Surprisingly, we also find that the IV method generates higher valuations than CV, rendering one of its advantages of mitigating social desirability bias questionable.
Keywords: willingness-to-pay (WTP); Contingent Valuation (CV); Inferred Valuation(IV); preference reversals (search for similar items in EconPapers)
JEL-codes: D12 C90 Q51 C93 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cbe and nep-exp
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https://mpra.ub.uni-muenchen.de/29456/1/MPRA_paper_29456.pdf original version (application/pdf)
https://mpra.ub.uni-muenchen.de/32800/1/MPRA_paper_32800.pdf revised version (application/pdf)
Working Paper: The "more is less" phenomenon in Contingent and Inferred valuation (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:29456
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