Publication Details
A comparison of cheap talk and alternative certainty calibration techniques in contingent valuation
Publication Toolbox
- Download PDF (1408368)
- This publication is available only online.
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 CalibrationCitation
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.