Publication Details

A comparison of cheap talk and alternative certainty calibration techniques in contingent valuation

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Samnaliev, Mihail; Stevens, Thomas; More, Thomas

Year Published

2003

Publication

Working Paper No. 2003-11. University of Massachusetts Amherst, Department of Resource Economics: Amherst, MA.

Abstract

A field test of cheap talk and two types of certainty calibration in contingent valuation of public lands indicated that cheap talk does not reduce WTP estimates. Use of a ten point certainty calibration scale reduces WTP estimates by about half. However, adjusting for uncertainty using a 'Not Sure' option does not reduce WTP estimates but increases the variance in responses. There may be a conceptual difference between these two ways of accounting for respondents' uncertainty, which may suggest why they provide different WTP value estimates and variances.

Keywords

CVM; Hypothetical bias; Cheap talk; Certainty Calibration

Citation

Samnaliev, Mihail; Stevens, Thomas; More, Thomas. 2003. A comparison of cheap talk and alternative certainty calibration techniques in contingent valuation. Working Paper No. 2003-11. University of Massachusetts Amherst, Department of Resource Economics: Amherst, MA.

Last updated on: November 21, 2008