Stated Preferences, Real Behaviour and Anchoring: Some Empirical Evidence

Author: O'Conor R.M.   Johannesson M.   Johansson P-O.  

Publisher: Springer Publishing Company

ISSN: 0924-6460

Source: Environmental and Resource Economics, Vol.13, Iss.2, 1999-03, pp. : 235-248

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Abstract

We compare different contingent valuation question formats with each other and with observed behaviour for a non-monetary estimation task, the expected number of kilometers travelled by automobile. Open-ended questions, open-ended follow-up questions, dichotomous choice (DC) questions, and double-bound DC questions are included. The single and double-bound DC questions result in an estimated mean about twice as high as the actual value and the open-ended mean. The DC question overestimation seems to be due to an anchoring effect leading to ``yea-saying'' behaviour. Our results about the difference between DC questions and open-ended questions is consistent with the pattern observed in contingent valuations studies of the willingness to pay. Our results indicates that DC questions seem to be associated with a general overestimation problem that is present even for simple non-monetary estimation tasks.