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
71% 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.
| Identifer | oai:union.ndltd.org:VIENNA/oai:epub.wu-wien.ac.at:7190 |
| Date | 12 1900 |
| Creators | Krcal, Ondrej, Peer, Stefanie, Stanek, Rostislav, Karlinova, Bara |
| Publisher | Elsevier |
| Source Sets | Wirtschaftsuniversität Wien |
| Language | English |
| Detected Language | English |
| Type | Article, PeerReviewed |
| Format | application/pdf |
| Relation | https://doi.org/10.1016/j.ecotra.2019.100138, https://www.econ.muni.cz/, http://www.elsevier.com, http://epub.wu.ac.at/7190/ |
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