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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
PDF: Download Publication (1.34 MB)
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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