Values elicited from open-ended real experiments

The idea that preferences are only revealed by real incentives is deeply embedded in economists’ worldview. Consequently, evidence from hypothetical experiments has not readily permeated economic thinking. One method for determining whether hypothetical experiments provide useful information about p...

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Bibliographic Details
Published in:Journal of economic behavior & organization 2000-03, Vol.41 (3), p.221-237
Main Authors: Horowitz, John K., McConnell, K.E.
Format: Article
Language:English
Subjects:
Economic behaviour
Economic theory
Experimental economics
Experiments
Hypothetical experiments
Preferences
Public goods
Real experiments
Studies
Valuation
Values
Willingness-to-accept
Willingness-to-pay
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Summary:The idea that preferences are only revealed by real incentives is deeply embedded in economists’ worldview. Consequently, evidence from hypothetical experiments has not readily permeated economic thinking. One method for determining whether hypothetical experiments provide useful information about preferences is to compare them to similar real-goods experiments. This study looks at responses elicited by three real experiments. We examine the proportion of responses that meet a series of criteria that range from a broad appeal of plausibility to a narrow restriction based on quasi-concavity of preferences. We argue that these proportions are unreasonably low.
ISSN:0167-2681
1879-1751
DOI:10.1016/S0167-2681(99)00074-8