Quotation Krcal, Ondrej, Peer, Stefanie, Stanek, Rostislav, Karlinova, Bara. 2019. Real consequences matter: Why hypothetical biases in the valuation of time persist even in controlled lab experiments. Economics of Transportation. 20




In a controlled lab experiment, we investigate hypothetical biases in the value of time by comparing stated preference (SP) and revealed preference (RP) values attached to unexpected waiting times. The SP and RP choice sets are identical in terms of design with the only difference being that the RP choices have real consequences in terms of unexpected waiting times and monetary incentives. We find a substantial hypothetical bias with the average SP value of time being only 70% of the corresponding RP value. The bias is mainly driven by participants who have scheduling constraints during the time of the unexpected wait. Scheduling constraints are taken into account to a much lesser extent in the SP setting than in the RP setting, presumably because only in the latter, the consequences of ignoring them are costly. We find evidence that this effect is stronger for persons with relatively low cognitive ability.


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Publication's profile

Status of publication Published
Affiliation WU
Type of publication Journal article
Journal Economics of Transportation
Language English
Title Real consequences matter: Why hypothetical biases in the valuation of time persist even in controlled lab experiments
Volume 20
Year 2019
Reviewed? Y
URL https://www.sciencedirect.com/science/article/pii/S2212012219300139
DOI https://doi.org/10.1016/j.ecotra.2019.100138
Open Access Y
Open Access Link http://repec.econ.muni.cz/mub/wpaper/wp/econ/WP_MUNI_ECON_2019-03.pdf


Peer, Stefanie (Details)
Karlinova, Bara (Masaryk University (Brno), Czech Republic)
Krcal, Ondrej (Masaryk University (Brno), Czech Republic)
Stanek, Rostislav (Masaryk University (Brno), Czech Republic)
Institute for Multi-Level Governance and Development IN (Details)
Research areas (Ă–STAT Classification 'Statistik Austria')
5300 Economics (Details)
5332 Transport economics (Details)
5351 Public economy (Details)
5915 Economic geography (Details)
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