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Craig D. Broadbent
''Hypothetical Bias, Consequentiality and Choice Experiments''
( 2012, Vol. 32 No.3 )
The presence of hypothetical bias in stated preference methods has led many researchers to look for methods to ameliorate the bias. This paper investigates the use of a consequentiality question to calibrate stated preference data from a controlled laboratory experiment using a choice experimental framework. Results suggest evidence of hypothetical bias using a likelihood ratio test, however, when comparing marginal willingness to pay results statistical evidence of the bias is not found. The finding of equal marginal willingness to pay could be due to the high number of participants who perceived the survey as potentially consequential.
Keywords: hypothetical bias, choice experiments, consequential
JEL: C9 - Design of Experiments: General
H4 - Publicly Provided Goods: General
Manuscript Received : May 30 2012 Manuscript Accepted : Sep 09 2012

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