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A comparison of cheap talk and alternative certainty calibration techniques in contingent valuationAuthor(s): Mihail Samnaliev; Thomas Stevens; Thomas More
Source: Working Paper No. 2003-11. University of Massachusetts Amherst, Department of Resource Economics: Amherst, MA.
Publication Series: Scientific Journal (JRNL)
Station: Northeastern Research Station
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DescriptionA field test of cheap talk and two types of certainty calibration in contingent valuation of public lands indicated that cheap talk does not reduce WTP estimates. Use of a ten point certainty calibration scale reduces WTP estimates by about half. However, adjusting for uncertainty using a 'Not Sure' option does not reduce WTP estimates but increases the variance in responses. There may be a conceptual difference between these two ways of accounting for respondents' uncertainty, which may suggest why they provide different WTP value estimates and variances.
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CitationSamnaliev, Mihail; Stevens, Thomas; More, Thomas 2003. A comparison of cheap talk and alternative certainty calibration techniques in contingent valuation. Working Paper No. 2003-11. University of Massachusetts Amherst, Department of Resource Economics: Amherst, MA.
KeywordsCVM, Hypothetical bias, Cheap talk, Certainty Calibration
- A comparison of approaches to mitigate hypothetical bias
- Testing the effectiveness of certainty scales, cheap talk, and dissonance-minimization in reducing hypothetical bias in contingent valuation studies
- Accounting for respondent uncertainty to improve willingness-to-pay estimates
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