A General Model of Starting Point Bias in Double-Bounded Dichotomous Contingent Valuation Surveys

Yu-Lan Chien, Cliff J. Huang and Daigee Shaw ()
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Yu-Lan Chien: Institute of Natural Resource Management, National Taipei University
Cliff J. Huang: Department of Economics, Vanderbilt University, USA

No 04-A008, IEAS Working Paper : academic research from Institute of Economics, Academia Sinica, Taipei, Taiwan

Abstract: This paper develops a general model that addresses the starting point bias in the dichotomous choice evaluation data by incorporating both the anchoring effect and yea-saying bias. The model is applied to a contingent valuation study that evaluated the health benefits of air quality improvement in three major metropolitan areas in Taiwan. The empirical evidence shows a strong anchoring effect but a weak yea-saying bias. The results show a serious understated willingness to pay if the biases in anchoring and yea-saying are not controlled.

Keywords: CVM; double-bounded dichotomous data; starting point bias; anchoring effect; yea-saying bias (search for similar items in EconPapers)
Pages: 25 pages
Date: 2004-03
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Journal Article: A general model of starting point bias in double-bounded dichotomous contingent valuation surveys (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:sin:wpaper:04-a008

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