Is WTP an Attitudinal Measure?: Empirical Analysis of the Psychological Explanation for Contingent Values

Ryan, Anthony M. and Spash, Clive L. (2011) Is WTP an Attitudinal Measure?: Empirical Analysis of the Psychological Explanation for Contingent Values. Journal of Economic Psychology, 32 (5). pp. 674-687. ISSN 0167-4870

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Abstract

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)

Item Type: Article
Additional Information: To see the final version of this paper please visit the publisher's website. Access to the published version may require a subscription. The definitive version is available at www.elsevier.com.
Keywords: contingent valuation / environmental attitudes / Kahneman / contribution model
Classification Codes: JEL D81, H41, Q20, Q26 ; PsycINFO 4070, 3920, 3000
Divisions: Departments > Sozioökonomie > Multi-Level Governance and Development
Version of the Document: Accepted for Publication
Variance from Published Version: Minor
Depositing User: Dissertation Administrator
Date Deposited: 25 Apr 2012 09:08
Last Modified: 29 Nov 2013 22:14
Related URLs:
FIDES Link: https://bach.wu.ac.at/d/research/results/55716/
URI: https://epub.wu.ac.at/id/eprint/3518

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