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Calibrating Hypothetical Willingness to Pay Responses
Authors:Johannesson  Magnus  Blomquist  Glenn C  Blumenschein  Karen  Johansson  Per-olov  Liljas  Bengt  O'Conor  Richard M
Institution:(1) Department of Economics, Stockholm School of Economics, Stockholm, Sweden;(2) Department of Economics and Martin School of Public Policy and Administration, University of Kentucky, Lexington, USA;(3) College of Pharmacy, University of Kentucky, Lexington, USA;(4) Department of Economics, Stockholm School of Economics, Stockholm, Sweden;(5) Department of Economics, Lund University, Lund, Sweden;(6) Consultant, Park City, Utah, USA
Abstract:Experimental data comparing hypothetical and real dichotomous choice responses for two different goods were used to estimate a statistical bias function to calibrate the hypothetical yes responses. The probability that a hypothetical yes response would be a real yes response was estimated as a function of the individual's self-assessed certainty of the hypothetical yes response (assessed on a 0–10 scale) and a variable representing the price level. Without calibration the hypothetical yes responses significantly exceeded the proportion of real yes responses, but after calibration the null hypothesis of no difference between hypothetical and real responses could not be rejected in any of the experiments.
Keywords:contingent valuation  hypothetical bias  willingness to pay  experiments  calibration
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