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...

Significant difference between response to real and hypothetical valuation questions is often referred to as hypothetical bias. Some economists have had success with using “cheap talk” (which entails reading a script that explicitly highlights the hypothetical bias problem before...

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 used the same mechanism for...

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...