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Stated Preferences, Real Behaviour and Anchoring: Some Empirical Evidence

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  • Richard O‘Conor
  • Magnus Johannesson
  • Per-Olov Johansson

Abstract

We compare different contingent valuation question formats with each other and with observed behaviour for a non-monetary estimation task, the expected number of kilometers travelled by automobile. Open-ended questions, open-ended follow-up questions, dichotomous choice (DC) questions, and double-bound DC questions are included. The single and double-bound DC questions result in an estimated mean about twice as high as the actual value and the open-ended mean. The DC question overestimation seems to be due to an anchoring effect leading to ‘yea-saying’ behaviour. Our results about the difference between DC questions and open-ended questions is consistent with the pattern observed in contingent valuations studies of the willingness to pay. Our results indicates that DC questions seem to be associated with a general overestimation problem that is present even for simple non-monetary estimation tasks. Copyright Kluwer Academic Publishers 1999

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  • Richard O‘Conor & Magnus Johannesson & Per-Olov Johansson, 1999. "Stated Preferences, Real Behaviour and Anchoring: Some Empirical Evidence," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 13(2), pages 235-248, March.
    • Handle: RePEc:kap:enreec:v:13:y:1999:i:2:p:235-248
    DOI: 10.1023/A:1008271219089
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