This study tests the hypothesis that hypothetical bias may not be related to value elicitation; rather it may be a value formation problem. When participants are asked to indicate their willingness to pay for an induced value good, we find no evidence of hypothetical bias for three different...

This study tests the hypothesis that hypothetical bias may not be related to value elicitation; rather it may be a value formation problem. When participants are asked to indicate their willingness to pay for an induced value good, we find no evidence of hypothetical bias for three different...

The Burren landscape which stands out as one of the most magnificent managed landscapes in all of Europe has recently come under threat due to a shift in farm management practices. As a result of evolving market trends and social structures, traditional farming methods are being replaced by more...

Stated preference techniques have been used to place values on public goods by directly asking individuals to provide their personal values and opinions. This method has consistently resulted in the emergence of hypothetical bias. Several insights from the psychology literature suggest that...

Agri-environmental subsidy payments have in part been designed to compensate farmers for employing environmentally friendly farming techniques that provide multiple ecosystem services to the public. These public good benefits have also been well recognized in the context of a growing rural...

Public recreation land management agencies have been searching for ways to increase revenue. User fees as implemented by the Fee Demonstration Program have received the most attention. Corporate sponsorships and private donations have also been implemented and other options, such as partial...

A field test of cheap talk and two types of certainty calibration in contingent valuation of public lands indicated that cheap talk does not reduce WTP estimates. Use of a ten point certainty calibration scale reduces WTP estimates by about half. However, adjusting for uncertainty using a 'Not...

Individuals are widely believed to overstate their economic valuation of a good by a factor of two or three. This paper reports the results of a meta-analysis of hypothetical bias in 28 stated preference valuation studies that report monetary willingness-to-pay and that used the same mechanism...

This paper uses a meta-analysis to explore the relationship between hypothetical bias and the price respondents are asked to pay. For public goods, the results clearly indicate a difference in the price elasticity between hypothetical and actual payment conditions. Since the bias increases for...