Addressing empirical challenges related to the incentive compatibility of stated preference methods
Mikolaj Czajkowski (),
Wiktor Budzinski (),
Aleksandra Wiśniewska and
No 2015-31, Working Papers from Faculty of Economic Sciences, University of Warsaw
An emerging theoretical literature focused on the incentive compatibility of stated preference surveys offers a new lens through which to view extant evidence on external validity, and provides guidance for practitioners. However, critical theoretical assumptions rest on latent respondent beliefs, such as the belief that respondents view surveys as potentially influencing policy (i.e., policy consequentiality), which gives rise to pressing empirical challenges. In this study, we develop a Hybrid Mixed Logit model capable of integrating multiple latent beliefs, and subjective measures of these beliefs, into discrete choice models of stated preferences. Further, we provide a split-sample test of the effects of exogenous information signals related to policy consequentiality. Our results suggest some potential for researchers to induce desired beliefs through simple information signals and, importantly, that latent beliefs and information signals significantly influence elicited willingness to pay.
Keywords: discrete choice experiment; stated preferences; consequentiality; field experiment; hybrid mixed logit model (search for similar items in EconPapers)
JEL-codes: C93 C35 H41 Q51 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dcm and nep-exp
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Journal Article: Addressing empirical challenges related to the incentive compatibility of stated preferences methods (2017)
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