Using cheap talk as a test of validity in choice experiments

In two experiments on the choice of consumer goods, the estimated marginal willingness to pay for food is found to be lower in the survey version with cheap talk. Our test can be seen as a test of hypothetical bias. This implies that we cannot reject the hypothesis of a hypothetical bias for margina...

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Bibliographic Details
Published in:Economics letters 2005-11, Vol.89 (2), p.147-152
Main Authors: Carlsson, Fredrik, Frykblom, Peter, Johan Lagerkvist, Carl
Format: Article
Language:English
Subjects:
Consumer behaviour
Consumer goods
Economic analysis
Experimental economics
Food
Willingness-to-pay
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Summary:In two experiments on the choice of consumer goods, the estimated marginal willingness to pay for food is found to be lower in the survey version with cheap talk. Our test can be seen as a test of hypothetical bias. This implies that we cannot reject the hypothesis of a hypothetical bias for marginal WTP in choice experiments.
ISSN:0165-1765
1873-7374
DOI:10.1016/j.econlet.2005.03.010