A penny for your thoughts: Inducing truth-telling in stated preference elicitation
Metadata only
Date
2010-02Type
- Journal Article
ETH Bibliography
no
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Abstract
Contingent valuation often induces hypothetical bias. In a laboratory experiment, we test three calibration mechanisms: cheap-talk, consequentialism, and a new mechanism, the Bayesian truth serum (“BTS”). We apply the BTS in a “faith-based” format: subjects are informed about the purpose and potential efficacy of the BTS, but not its theoretical foundations. We find that real and hypothetical responses differ significantly; real and consequentialist responses are statistically indistinguishable; cheap-talk and the BTS eliminate bias inconsistently; subject characteristics interact significantly with treatment. Show more
Publication status
publishedExternal links
Journal / series
Economics LettersVolume
Pages / Article No.
Publisher
ElsevierSubject
Bayesian truth serum; Cheap-talk; Contingent valuation; Hypothetical bias; Stated preferenceOrganisational unit
09762 - Barrage, Lint / Barrage, Lint
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ETH Bibliography
no
Altmetrics