We estimate demand models with revealed preference (RP) site selection and stated preference (SP) discrete choice experiment marine recreational fishing data. We combine RP data from the Marine Recreational Information Program (MRIP) creel survey with SP survey data from 2003/04. RP and SP data...

The choice experiment elicitation format confronts survey respondents with repeated choice tasks. Particularly within the context of valuing pure public goods, this repetition raises two issues. First, does advanced awareness of multiple tasks influence stated preferences from the outset, and...

We design a choice experiment comparing policies that reduce agricultural nutrient pollution and harmful algal blooms in Lake Erie and administer it to Ohio residents using an online survey panel. We compare two treatments that have been found to mitigate hypothetical bias, cheap talk and...

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...

Behavioural welfare economics provides tools to elicit welfare preferences when individuals use nonstandard behavioural models. Current proposals either require assumptions on the models or elicit preferences that become coarser and coarser as the dataset grows. We propose an informational...

It is shown how to test revealed preference data on choices under uncertainty for consistency with first and second order stochastic dominance (FSD or SSD). The axiom derived for SSD is a necessary and sufficient condition for risk aversion. If an investor is risk averse, stochastic dominance...

We provide a generalized revealed preference test for quasi-linear preferences. The test applies to nonlinear budget sets and nonconvex preferences and can be used in contexts such as taxation and nonlinear pricing. We use this test to evaluate the prevalence of quasi-linear preferences in a...

The ability to uncover preferences from choices is fundamental for both positive economics and welfare analysis. Overwhelming evidence shows that choice is stochastic, which has given rise to random utility models as the dominant paradigm in applied microeconomics. However, as is well known, it...

The ability to uncover preferences from choices is fundamental for both positive economics and welfare analysis. Overwhelming evidence shows that choice is stochastic, which has given rise to random utility models as the dominant paradigm in applied microeconomics. However, as is well known, it...

Recent contributions to the literature [Plott and Zeiler (2005, forthcoming) and Isoni et al (2009)] have questioned the robustness of the well documented WTA/WTP disparity showing that it can be eliminated with experimental procedures. However, a formal mathematical model explaining the role of...