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. (authors' abstract)
| Identifer | oai:union.ndltd.org:VIENNA/oai:epub.wu-wien.ac.at:3518 |
| Date | 10 1900 |
| Creators | Ryan, Anthony M., Spash, Clive L. |
| Publisher | Elsevier |
| Source Sets | Wirtschaftsuniversität Wien |
| Language | English |
| Detected Language | English |
| Type | Article, PeerReviewed |
| Format | application/pdf |
| Relation | http://dx.doi.org/10.1016/j.joep.2011.07.004, http://www.elsevier.com/wps/find/homepage.cws_home, http://epub.wu.ac.at/3518/ |
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