Abstract
Due to the importance of comparability and external validity of results, nonhypothetical experimental methods are increasingly used to elicit consumers' willingness to pay for various goods. Two of the increasingly popular preference elicitation methods are the nonhypothetical choice experiments and experimental auctions. We conduct experiments to compare willingness to pay estimates elicited from both methods. Our results generally suggest that valuations elicited from experimental auctions can differ from those obtained from nonhypothetical choice experiments.
| Original language | English |
|---|---|
| Pages (from-to) | 1358-1373 |
| Number of pages | 16 |
| Journal | American Journal of Agricultural Economics |
| Volume | 93 |
| Issue number | 5 |
| DOIs | |
| Publication status | Published - 2011 Oct |
Keywords
- animal welfare
- choice experiment
- consumer preferences
- experimental auctions
- incentive compatibility
- nonhypothetical elicitation methods
ASJC Scopus subject areas
- Agricultural and Biological Sciences (miscellaneous)
- Economics and Econometrics