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It’s the Cost Credibility, Stupid! A Comment on “Consequentiality: A Theoretical and Experimental Exploration of a Single Binary Choice”

Christoph Rheinberger () and Felix Schläpfer

No 15-573, TSE Working Papers from Toulouse School of Economics (TSE)

Abstract: This comment takes up the discussion about the incentive compatibility of contingent valuation surveys revived by a recent paper of Carson, Groves and List (2014) in this journal. We feel that the conclusions the authors draw from their theoretical and experimental work cannot be generalized to contingent valuation (CV) surveys. We single out the lack of cost credibility as the principal obstacle to incentive compatibility and propose some amendments to the survey protocol that foster the cost credibility of random-bid CV studies.

Keywords: Contingent valuation; cost credibility; incentive compatibility (search for similar items in EconPapers)
JEL-codes: D81 D82 Q51 (search for similar items in EconPapers)
Date: 2015-05
New Economics Papers: this item is included in nep-exp
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