Quotation Ryan, Anthony M., Spash, Clive L. 2011. Is WTP an attitudinal measure?: Empirical analysis of the psychological explanation for contingent values. Journal of Economic Psychology 32 (5), 674-687.


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Abstract

Contingent valuation has been given a psychological interpretation, by Kahneman and colleagues, that claims willingness to pay bids represent psychological attitudes rather than personal economic valuations. Evidence reported here shows the need to qualify the role of this attitudinal explanation. In contradiction to the attitudinal hypothesis, the decision to bid zero or positive appears to represent a complex psychological appraisal. Furthermore, evidence of bid clustering on currency denominations implies fundamental differences concerning how people respond to a monetary scale. Whether interpreted as charitable contributions or imprecise welfare estimates there are serious implications for how economists interpret and use stated preference responses.

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Publication's profile

Status of publication Published
Affiliation WU
Type of publication Journal article
Journal Journal of Economic Psychology
Citation Index SSCI
WU Journalrating 2009 A
WU-Journal-Rating new FIN-A, STRAT-B, VW-D, WH-B
Language English
Title Is WTP an attitudinal measure?: Empirical analysis of the psychological explanation for contingent values
Volume 32
Number 5
Year 2011
Page from 674
Page to 687
Reviewed? Y
URL http://www.sciencedirect.com/science/article/pii/S0167487011001012
DOI http://dx.doi.org/10.1016/j.joep.2011.07.004
JEL D81; H41; Q20; Q26

Associations

People
Spash, Clive L. (Details)
External
Ryan, Anthony M.
Organization
Institute for Multi-Level Governance and Development IN (Details)
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